It’s not surprising that companies want to make sure that they’re hiring wisely. A bit of due diligence is ultimately part of the equation, as a bad hire is undeniably costly. However, an issue occurs when pursuing certainty leads to delays, causing positions to sit vacant for longer than expected.
Similarly, cumbersome hiring processes that stretch out recruitment have a negative impact. Whether it’s including extra steps or waiting between each stage before coordinating the next phase, the approach leaves positions vacant longer, and that comes with costs and losses. Here’s a look at how delays in hiring impact your bottom line.
The Cost of Vacant Positions
When you’re shorthanded, productivity declines are highly likely to occur. Having a vacant position means that the responsibilities it’s designed to manage aren’t in the hands of a specific team member. At times, that can cause work to remain undone. In others, it requires the distribution of the workload across other team members, which is often cumbersome to manage.
Even if your existing workforce can initially handle the additional burden of making up for the lack of a team member, the extra work can quickly increase stress levels. In time – and potentially in relatively short order – this can alter the quality of their outputs. Error rates may increase, or deadlines might end up missed. Plus, it can put remaining employees on the road toward burnout, a situation that can negatively impact productivity and increase turnover.
Vacant positions that remain for extended periods can damage your company’s reputation. If it causes work quality to decline or the quantity of outputs to drop, customers may look less favorably on your organization or its products and services.
In some cases, poor experiences can result in customers taking their business elsewhere. Additionally, if they discuss their negative experiences, it may prevent you from capturing new customers. In either case, your bottom line is impacted.
Further, a company’s damaged reputation can harm its employer brand. While the financial consequences are somewhat indirect in this situation, it does make recruitment and retention more challenging, and that does affect an organization’s bottom line.
How to Fill Vacancies with Right-Fit Talent Quickly
In the end, vacant positions do have a financial impact, causing them to negatively impact your company’s bottom line. Fortunately, there is a fast, efficient, and cost-effective way to secure top talent.
By partnering with a staffing firm, you can reach qualified candidates with greater ease, ensuring you can connect with suitable job seekers whenever the need arises. Plus, recruitment agencies are known for their streamlined hiring processes, allowing you to make hiring decisions quickly. You’ll also receive guidance and support from recruitment specialists, as well as ensure the candidate experience is enjoyable.
If your company needs to fill vacancies with right-fit talent in Ohio and Michigan and wants to ensure your time-to-hire is as low as possible, The Advance Group wants to hear from you. Contact us today.