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Your business is losing money by leaving positions unfilled

It’s hard to find good employees especially in a job seekers market. By revising your hiring approach you will discover a whole new fountain of options.  In the ever-changing labor world you need to revamp your strategy to find star players. Consultant, Roberta Chinsky Matuson, believes in concentrating efforts on mature job candidates.  This often over-looked group is responsible, experienced, and reliable.  Hey, you can teach a 45 year old to use slack but try teaching a 25 year old to not show up hungover.  Am I right?

Matuson also claims the other big issue is employee retention.  Keep a worker happy and they stay.  A harder environment means more hiring in your future.  How can you retain top employees and it’s not always larger salaries.

 

So if you are losing a manager who made $50,000 a year, it will probably take you $25,000 – $37,500 to replace that employee. This is when you take into consideration everything: the cost of finding the candidate, recruiting him or her and onboarding/training.

 

https://www.forbes.com/sites/forbestechcouncil/2017/06/22/the-price-of-vacancy-the-cost-of-unfilled-technology-jobs/#3126ce005747

A 2015 Deloitte study found that it takes 94 days to recruit for highly skilled roles (scientists or researchers) and 70 days for skilled production workers.

 

https://insights.dice.com/employer-resource-center/calculating-the-cost-of-vacant-tech-positions/

  • Calculation: Position’s annual salary / 220 working days X average days to hire

Utilizing company data will strengthen your argument, but if specific information isn’t available, substituting reliable third-party data to calculate the cost of vacancy may likewise inspire change.

Here’s an example:

  • A recent report from Wanted Analytics placed the average time to hire for software engineers at 43 days.
  • The average salary for a software engineer is $102,075, according to the 2016 Dice Tech Salary Report; benefit costs typically run 30 percent of salary.