{"id":1603,"date":"2008-06-03T13:15:17","date_gmt":"2008-06-03T18:15:17","guid":{"rendered":"http:\/\/selectmetrix.com\/blogs\/2008\/06\/what-does-job-vacancy-cost\/"},"modified":"2008-06-03T13:09:08","modified_gmt":"2008-06-03T18:09:08","slug":"what-does-job-vacancy-cost","status":"publish","type":"post","link":"https:\/\/selectmetrix.com\/blogs\/2008\/06\/what-does-job-vacancy-cost\/","title":{"rendered":"What Does Job Vacancy Cost?"},"content":{"rendered":"<p><a target=\"_blank\" href=\"http:\/\/www.recruitingtrends.com\/online\/thoughtleadership\/955-1.html\">Interesting article here from RecruitingTrends.com<\/a> that highlights a speech given recently by Dan Hanyzewski, staffing director from Nike.\u00a0 There is one piece of data that caught my attention immediately:<\/p>\n<blockquote><p>\u201cThis is the first time in American history that we\u2019ve had four generations at work at the same time,\u201d Hanyzewski says. How do you communicate an employer brand that will attract such a broad audience?<\/p><\/blockquote>\n<p>Quite a dilemma, isn&#8217;t it?\u00a0 The task of branding your company effectively for 4 different generations is a tremendous undertaking.\u00a0 But the discussion then turns to a critical point (my editing):<\/p>\n<blockquote><p>\u201cOne of the most powerful metrics is time,\u201d Hanyzewski says. But, what\u2019s does it mean? What\u2019s the expectation? It\u2019s not time to fill. \u201cIf you had an understanding of what that role being empty represents on a daily basis, then you will know what it means to the bottom line.\u201d Whether a position is open 75 days or 125 days, unless you know what the vacancy cost is, it won\u2019t help you know the impact, Hanyzewski adds.<\/p>\n<p>Seventy days or 125 days, unless you know what that vacancy cost is, it won\u2019t help you know the impact, Hanyzewski says. Hanyzewski explains that if you can calculate your vacancy cost due to lost revenue, and maybe you deduct 10% due to the declining economic climate, and you know the vacancy has existed for 6 months, and you multiply it by the number of territories, then you now know the reality of time to fill because it\u2019s real money. \u201c<strong>Now you can come to the table with a real business concern<\/strong>.\u201d<\/p><\/blockquote>\n<p>Exactly.\u00a0 The costs in sales is even more dramatic.\u00a0 An open territory is lost revenue to your company and added revenue to your competition.<\/p>\n<p>I think the counter-argument we see is managers discussing the cost of a bad hire.\u00a0 Their view is that it is cheaper to wait to get the perfect hire than to accelerate their process to make a strong hire.\u00a0 You can effectively argue both sides of that equation until you get to one pertinent point &#8211; what if you don&#8217;t find the perfect hire?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interesting article here from RecruitingTrends.com that highlights a speech given recently by Dan Hanyzewski, staffing director from Nike.\u00a0 There is one piece of data that caught my attention immediately: \u201cThis is the first time in American history that we\u2019ve had four generations at work at the same time,\u201d Hanyzewski says. How do you communicate an employer brand that will attract such a broad audience? Quite a dilemma, isn&#8217;t it?\u00a0 The task of branding your company effectively for 4 different generations is a tremendous undertaking.\u00a0 But the discussion then turns to a critical point (my editing): \u201cOne of the most powerful metrics is time,\u201d Hanyzewski says. But, what\u2019s does it mean?&hellip; <a class=\"read-more\" href=\"https:\/\/selectmetrix.com\/blogs\/2008\/06\/what-does-job-vacancy-cost\/\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[16],"tags":[736,735,1762,734,38],"class_list":["post-1603","post","type-post","status-publish","format-standard","hentry","category-hiring-salespeople","tag-cost-of-open-territory","tag-cost-of-time-to-hire","tag-hiring-salespeople","tag-open-territory","tag-sales-hiring"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p5Oho-pR","jetpack-related-posts":[{"id":1514,"url":"https:\/\/selectmetrix.com\/blogs\/2008\/04\/now-is-the-time\/","url_meta":{"origin":1603,"position":0},"title":"Now Is The Time","author":"Derrick Moe","date":"April 14, 2008","format":false,"excerpt":"We have been sourcing for a handful of sales positions around the country this past weekend and we are starting to see some potential movement of strong candidates.\u00a0 What I mean is that there is some contraction about to start among large sales forces.\u00a0 Some strong salespeople will be pushed\u2026","rel":"","context":"In &quot;Hiring&quot;","block_context":{"text":"Hiring","link":"https:\/\/selectmetrix.com\/blogs\/category\/hiring\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":735,"url":"https:\/\/selectmetrix.com\/blogs\/2007\/03\/flexible-hours-expected\/","url_meta":{"origin":1603,"position":1},"title":"Flexible Hours Expected","author":"Derrick Moe","date":"March 8, 2007","format":false,"excerpt":"CareerJournal.com's Bend Without Breaking: Women Execs Discuss Flex Schedules is an interesting take on a woman's leadership challenges.\u00a0 This quote is what caught my attention: Michele Coleman Mayes, senior vice president and general counsel of Pitney Bowes, says one of the main rules she learned early in her career --\u2026","rel":"","context":"In &quot;Hiring&quot;","block_context":{"text":"Hiring","link":"https:\/\/selectmetrix.com\/blogs\/category\/hiring\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":483,"url":"https:\/\/selectmetrix.com\/blogs\/2006\/12\/sales-advancement-or-job-hopping\/","url_meta":{"origin":1603,"position":2},"title":"Sales Advancement or Job Hopping?","author":"Derrick Moe","date":"December 6, 2006","format":false,"excerpt":"I just reviewed a sales management resume I received from a gentleman. The resume contains a handful of spelling and grammatical errors which is a concern. But this is what caught my eye, for the past 10 years, he has changed companies every 2 years. This employment pattern is always\u2026","rel":"","context":"In &quot;Hiring Salespeople&quot;","block_context":{"text":"Hiring Salespeople","link":"https:\/\/selectmetrix.com\/blogs\/category\/hiring\/hiring-salespeople\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1154,"url":"https:\/\/selectmetrix.com\/blogs\/2007\/08\/loyalty-amongst-the-younger-generations\/","url_meta":{"origin":1603,"position":3},"title":"Loyalty Amongst The Younger Generations","author":"Derrick Moe","date":"August 28, 2007","format":false,"excerpt":"A quick read from Inc.com - Younger Employees More Loyal.\u00a0 Some excerpts: In a survey of 2,469 adults nationwide, 56 percent said they feel appreciated by their employer, according to the latest Workplace Insights Survey by Adecco, a Melville, N.Y.-based workforce-solutions firm. It doesn't get any fuzzier than to use\u2026","rel":"","context":"In &quot;Generations&quot;","block_context":{"text":"Generations","link":"https:\/\/selectmetrix.com\/blogs\/category\/generations\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1318,"url":"https:\/\/selectmetrix.com\/blogs\/2007\/12\/worklife-balance-and-relocation\/","url_meta":{"origin":1603,"position":4},"title":"Work\/Life Balance And Relocation","author":"Derrick Moe","date":"December 4, 2007","format":false,"excerpt":"Work\/life balance is a hot topic as the younger generations flood into the work world and Baby Boomers start checking out.\u00a0 One are that I haven't considered is the effect this balance will have on relocation.\u00a0 Forbes.com's Travel Sick? article does take up this topic (my editing): Throughout the country\u2026","rel":"","context":"In &quot;Hiring&quot;","block_context":{"text":"Hiring","link":"https:\/\/selectmetrix.com\/blogs\/category\/hiring\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":540,"url":"https:\/\/selectmetrix.com\/blogs\/2007\/01\/pour-some-sugar-on-me\/","url_meta":{"origin":1603,"position":5},"title":"Pour Some Sugar On Me","author":"Derrick Moe","date":"January 3, 2007","format":false,"excerpt":"Each morning I peruse the sales employment ads to see who is hiring and what ads they are placing. I came across a local company I have never heard of and was impressed by a bullet point in their ad: Accountable for achieving sales goals within an assigned territory which\u2026","rel":"","context":"In &quot;Compensation&quot;","block_context":{"text":"Compensation","link":"https:\/\/selectmetrix.com\/blogs\/category\/compensation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts\/1603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/comments?post=1603"}],"version-history":[{"count":0,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts\/1603\/revisions"}],"wp:attachment":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/media?parent=1603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/categories?post=1603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/tags?post=1603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<!-- WP Super Cache is installed but broken. 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