Companies are literally costing themselves thousands of dollars per day for letting unfilled positions remain open for months. Rarely do they do something about it even though one change in the hiring process could save them thousands.
All it takes to avoid costly scenarios where searches play out over months is to leverage hiring plans in a smarter way — by setting up passive candidate pipelines.
Companies can save thousands of dollars in costs by hiring this way — especially with multiple positions open.
By setting up passive candidate pipelines companies can find and nurture the best candidates — including those who are currently employed (and most likely to never see a job ad). Plus they can eliminate lengthy searches while getting to interview the best candidates as soon as the hiring process opens.
All it takes to avoid costly scenarios where searches play out over months is to leverage hiring plans in a smarter way — by setting up passive candidate pipelines.
VenTech Search does all the work from there. This can save companies thousands of dollars in search costs. For example, let’s say a robotics company has six open positions. Three are for engineer jobs.
Each day a job goes unfilled, hard and soft costs are absorbed by the company. Production lines might not operate at peak capacity. Employees may double up on work (and stress themselves out). The bottom line is it’s going to cost the company something, assuming there’s work to be done. So how much? A quick rule of thumb calculation is used to calculate the direct cost formula.
Calculation: Position’s annual salary / 220 working days X average days to hire
Let’s say the three engineer positions at the robotics company mentioned each pay a $100,000 salary. And let’s say it takes 90 days to hire all three.
($100,000 / 220 working days X 90 days to hire x 3 open positions)
The direct cost for three positions is about $122,000 for 90 days.
What if you could leverage your hiring plan differently so as not to waste that money?
You can. Work with a search firm that is experienced in setting up passive pipelines this year and see what a difference it can make for your hiring process.