With unemployment levels at their lowest in decades and job vacancies near record highs, the combined surge in baby boomer retirements and a skills gap has left talent acquisition (TA) specialists scrambling to recruit and hire. Estimated staffing shortfalls will equal $8.5 trillion in lost revenue worldwide by 2030. If HR and TA specialists want to act fast and effectively when it comes to hiring, understanding the true cost of a vacancy (COV) is crucial. Companies cannot develop an effective talent management strategy without an accurate COV.
In this Playbook, learn how an open seat’s hard and soft costs affect COV, plus the strategies for how to accurately calculate it. You’ll also find tips for using this information to shape your recruitment and hiring strategies and guide conversations with decision-makers. Download now to learn about: