A study was recently conducted by CareerBuilder concerning job vacancies in various companies across multiple industries. The study concluded that every job that stays vacant for three month or longer costs the company more than $14,000 in losses.
Many employers surveyed stated that there is little help to combat this issue because they cannot find suitable candidates to hire. In fact, 60 percent of the employers surveyed were concerned about the time and costs associated with filling their current opened position, with one in four experiencing a loss in revenue as a result.
A loss in work quality and productivity was also cited as a side effect of multiple vacancies in some companies. When an employee leaves the company, their workload is temporarily handed off to another employee, usually without an increase in pay. If this position is open longer than three months, the employee quickly begins to feel overworked and overburdened.
While this is the case in companies with an existing position, companies opening up new positions can still experience the same type of productivity decrease. Usually a current employee reaches their capacity and the company recognizes they need to hire additional employees in this area. Over time, if this employee doesn’t receive the assistance they need, their productivity falls as they are not able to accomplish everything delegated to them.
Both scenarios can open the door to a disaster. The companies who were stretched thin will usually experience additional openings as their current employees look elsewhere for work. The solution? Fill your positions as quickly as you can with the best candidate possible. Read Quality Candidate Vs. Qualified Candidate: Can You Have Both? for more information on how to find the best candidate.
Curbing the job vacancies in your company is important to your bottom line and we at River City Staffing can help you fill these vacancies quickly!
For more information on receiving or finding the right candidate for your company, CLICK HERE! At River City Staffing Group, we are pleased to begin creating a lasting partnership with your company.
