The Hidden Business Impacts of Vacancies
Filling vacancies is time consuming, costly and can be a drain on your staff. But there’s more to consider. Vacancies create problems on a much deeper level. Problems most companies aren’t aware of. But there’s good news. We’ll help you identify the problems AND fix them. Let me explain.
Sending the Wrong Message…
Companies with a high number of vacancies are sending a message to customers, suppliers and even your competitors. The message? Your organization is weak. As you can imagine, this creates all kinds of problems.
Clients don’t know who to contact.
Even worse, they begin to question the stability of your relationship. This gives them an excuse to start shopping around; learning what your competitors are offering – and putting your relationship at risk.
Staff Impact
Vacancies don’t just have an affect on your customers. Your employees are affected, too. Potential morale issues can develop, as employees feel overworked and frustrated. All of the sudden, “water cooler” conversations about your company take a turn for the worst. This can infiltrate your organization as negative energy.
Plus, managers, who feel the stress of overworked employees, are less likely to release poor performing employees. Even worse, this environment can negatively affect new idea generation, which every company needs to thrive.
The result?
The potential to cripple entire teams – with reduced productivity.
Hire Someone, Quick!
As business picks up, your company feels increased pressure to fill vacancies – and get it done quickly. The problem is, fast hiring decisions can result in bringing on poor performers. Then, your team is saddled with large numbers of poor performers…making it difficult to boost productivity and meet your goals when you need it most.
Plus, think about this. A large number of vacancies send the wrong message to talented job seekers. They’re wondering, why is this company not retaining their top talent?
Also, existing employees start wondering about your company. They might think; should I jump ship, too?
In the mean time, your competition is circling your most talented employees – like sharks…becoming bolder about approaching them with opportunities.
Solving the Problem
The business impacts of vacancy are large. So, you might be wondering, how do I solve these problems? Here’s the answer. You need to optimize how you retain and hire top talent across all departments.
Do you have a farming system like minor league baseball to attract and develop personnel? If not, consider it. This is an excellent strategy; offering a fresh supply of talented employees standing by.
Also, keep your talented employees happy – and less vulnerable to outside recruiting efforts by simply providing a glimpse into the future. Is that daylight at the end of the tunnel or an oncoming train?
Plus, hire the right talent in the right position so turnover is less likely to occur. Read more about the business impacts of a vacant position(s) here or click here for access to free calculator to help determine what your true cost of vacancy is.
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