The Hidden Cost of Open Positions
Did you know that according to the Society for Human Resources Management (SHRM), the cost to hire a new employee can be three to four times the employee's salary? That cost only increases the longer a position remains open.
Cost of vacancy (COV) is the opportunity cost of unfilled positions—the difference between benefits and payroll savings minus hard and soft costs like loss of revenue, productivity, and employee morale from not having that employee.