The POWER OF THE COV Cost of Vacancy
Imagine having, at your disposal, the exact amount of cost your organization incurs each day for each position. How would this one point of information affect:
Now, Think of the Power the COV would supply Talent Acquisition when:
As Michelle mentioned in the previous interview, “Don’t Fear the Data!” Understanding your Cost of Vacancy will put a clearer perspective on what Talent Acquisition is doing and how it can truly benefit the company.
So what is this COV exactly and how do you calculate it?
The Cost of Vacancy (COV) is the cost to the organization when a position is vacant, you can think of it as the value of the position less the cost of the position. Calculating it is much like coming up with a position’s Profit and Loss statement. If you would like to learn more about the power of this metric and how to create it, click here to join our complimentary webinar which includes the benefits, the how to and actual COV calculators.