Have you ever considered the cost of leaving a position vacant in your metals company? It’s more than just the salary that’s at stake.
If you’re not filling positions quickly, it could be costing you tens of thousands of dollars. When we’re talking about a manager or salesperson, that number can increase quickly to hundreds of thousands of dollars per employee. And those are only the beginning costs associated with having vacant positions in your metals company.
Costs From Lost Opportunities
The highest cost of unfilled positions comes from lost opportunities and revenue. A business needs people to make things happen. If a position remains vacant for too long, it can lead to missed business opportunities or sales that would have otherwise been made. Every day without someone in place leads to an increase in these losses and is reflected in the bottom line.
Costs from Training and Onboarding
When someone new is brought into an organization, there are costs associated with training and onboarding them into their new role and the company itself. There will also be costs associated with getting them up-to-speed on their job duties, including any technology or software that might need to be learned or mastered. All this training takes time away from existing staff members who could be working on other important tasks.
Costs From Turnover
High turnover rates can cost companies a lot as well – especially when it comes to legal costs associated with hiring and terminating employees who didn’t work out.
Additionally, replacing an employee costs time, money and resources that could have been avoided if the position was filled the first time correctly by taking your time during the hiring process instead of rushing through it because you need somebody right away.
Conclusion
Vacant positions can be costly for many reasons—from lost opportunities to recruitment fees and onboarding costs—but they don’t have to be if you take your time when recruiting new talent for your metals company.
Finding qualified candidates is essential, but finding great ones takes patience, persistence, and skill – all worth it when it comes down to making sure your company has the right people in place for success!
With experienced recruiters at your side like MetalJobs Network, finding qualified candidates doesn’t have to be a daunting task – giving you peace of mind knowing you got it right the first time around!
