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Cost of Vacancy

Cost of Vacant positionNational studies show companies spend an average of 42-days to fill open positions. The business impact of a talent shortage that results from a gap between the time the talent is needed and the time the talent is acquired is calculated as the Cost of Vacancy.

There isn’t a standard formula, for calculating the cost of vacancy. There are, however, several formulas that are adaptable for every organization. Knowing the cost of the vacancy illustrates the urgency to widen the scope of viable recruitment solutions.

It’s easy to overlook the true value of investing in the right recruitment solution. Let’s face it, time really is money. WorkRocket can help you quickly file your open positions and positively impact your bottom line.

So, do you know what your vacant positions are really costing you?

See for yourself…….

Quickly find out your Cost of Vacancy with one of our calculators

SIMPLE SALARY MULTIPLIER

This calculates each employee’s value as a multiplier of their salary. You can rely on a study conducted by Harvard University that indicates an individual’s value is between one and three times their salary. Some experts believe three times the salary to be most accurate. However, you can utilize two times a salary safely.

AVERAGE REVENUE LOST PER EMPLOYEE

If you do not have position specific data available, this simple formula allows you to determine the revenue your company is failing to generate due to a vacant position. The principal here is that if an employee is not in place, you cannot generate the revenue that that one employee would have generated on average.

Contact us today to find out how WorkRocket can help reduce your time-to-hire.



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