Thursday July 10, 2014
Yes That Open Position Is Costing You...
Not just money but time, employee morale, and customer loyalty are all "expenses" that continue to accrue when you have an open position. We all know it, but I am here to remind us all, filling those open positions is urgent! It does impact the bottom line and so much more. Using available technology to reduce time to fill and increase sourcing efficiencyis no longer a "nice to have" but a "must have."
An account executive at a Fortune 500 company has, at a minimum, a $250,000 annual new business revenue goal. If one of those positions is open for 8 weeks, the company just lost approximately $40,000 in revenue. An accounts receivable position left open for 8 weeks means customers' bills may not be credited properly and the next round of invoicing may be inaccurate. More revenue lost.
Think about the members of the sales team, hard- working, striving to reach or exceed their own revenue goals, now having to cover the loss in revenue due to the open sales positions. Or what about the accounting team who now works 8 weeks of overtime; overworked and dealing with client accounts of which they are unfamiliar. Employee morale dips in times like these. It may even lead to more open positions due to job dissatisfaction.
Meanwhile, your customers are feeling neglected, their invoicing inquiries are not answered promptly, their bills are not correct. They just received a sales call from your fully staffed competitor and are thinking of giving them a try, unbeknownst to you.
In the competitive marketplace of talent sourcing, technology that increases efficiency is no longer a "nice to have" but a "must have." There are a myriad of tools coming on the market to help you find and engage talent. Most of these solutions push your open position out to the social networks; inviting anyone, qualified or unqualified, to apply and asking your employees to do the grunt work instead of producing for your company.
There are other tools, including our Referral Link solution, that have taken a different approach. We understand your open position is urgent and deserves immediate attention. Employees' social networks can be engaged more efficiently, delivering a higher volume of qualified and referred candidates without impacting productivity and decreasing your sourcing time from weeks to days, if not hours.
Contact us today to learn more.