Cost of a Vacancy
Only 23% of Senior Executives believe their current talent acquisition & retention strategies work.
Common ways a vacancy can hurt your company:
- Lost experience, leadership, or skills of the individual who once filled the role.
- Being understaffed: deadlines being delayed due to work overload.
Individual Employee Impact
- Employee burnout because they're taking on additional duties that were filled by the employee who left.
- Higher sick, late, absent, and even higher quitting rates due to stress or frustration
- Lack of monthly revenue (IE sales role) translates to a quantifiable monthly decrease in profits.
- Weakening your foothold allows you competitors to gain market share.
- Decrease in revenue from lost customers from lack of client services & market share.
Culture and Market Value
- Impact on time to market / delivery / quality of service
- Loss of competitive advantage, market share, and growth rate
Other potential costs
- The "vacated" employee brings others with them to a competitor.
- A vacancy could also cause companies to hire in a hurry, which could result in a mis-hire.
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