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:
- Staffing up / staffing down
- Workforce planning
- Outsourcing or insourcing
- Building a department
- Downsizing a department
- Increasing Recruiting’s Creditability
Now, think of how the power of the COV would supply talent acquisition when:
- Convincing hiring managers to expedite interviews and their response to interviews
- Determining how to prioritize openings
- Building a relationship with finance to better your company
- Explaining your strategy to business partners so they become more intune with your business
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.
Do you have any questions or comments? Join the discussion below! Would you like to talk further? Contact us today and we would be glad to go over any topic with you.