So often companies are slow to hire when a position is open. Many think that if a position is vacant for a period of time, the company is saving money. This could not be further from the truth! Take a look at the simplified formula* below to determine how much money your company saves by quickly filling positions.
Annual revenue generated by company
Number of revenue generating employees = Revenue per employee per year
Revenue per employee per year
365 days (not adjusted for vacation/holidays = Daily revenue per employee
Daily revenue per employee X
Days position unfilled = Revenue lost per day per unfilled job
Revenue lost per day X
Number of open jobs = Total revenue lost per day
Using a pre-established relationship with a search firm such as CSI Recruiting greatly decreases the time to fill open positions, and it reduces the cost of lost revenue from not having that position filled.
Total revenue lost per day for all open jobs can have a serious impact on your company’s bottom line, often costing companies millions of dollars.
*Courtesy of The Talent Officer