The Cost of an Unfilled Position

Ever wonder what it costs your company when key member moves on?  We can’t tell you the exact numbers for your business, but we can certainly tell you the factors…

REVENUE COSTS:
Revenue costs account for the amount of revenue lost by having a position unfilled.
  • Decreased output
  • Underutilized equipment and company assets
  • Delayed revenue
  • Lost revenue resulting from products/services that aren’t introduced
MANAGEMENT COSTS:
Management costs are high when key leaders take on duties associated with the vacant position.
  • Less time spent on strategy and innovation
  • Less time to manage remaining employees, effecting productivity and employee satisfaction
  • Increased manager frustration leading to diminished team morale
TEAM COSTS:
Team costs occur when remaining employees back fill an open position in the company.
  • Lost leadership resulting in a lack of productivity
  • Lost idea generation and collaborative innovation opportunities
  • Retention of under-performing employees out of necessity
PERSONNEL COSTS:
Personnel costs can often be long-term and occur as a trickle-down effect when a position remains vacant.
  • Increased employee frustration
  • Greater incidence of illness and absenteeism
  • Lost opportunity to develop skills of current employees
  • Higher incidence of employee error
  • Higher turnover due to diminished work/life balance and increased workload

Every hour that a position is remains vacant means clients go uncalled, innovative ideas go undiscovered, terrific employees become frustrated, and client questions go unanswered.

 

Have an unfilled position?  Call us today!  604-689-8687

How to Develop a Robust Talent Acquisition Strategy

By Eric Fenyedi, Recruitment Team Lead.  View published article on Linkedin

In my 10 years of recruiting I have seen many different approaches to bringing talent into an organization. Many companies that I have worked with struggle to understand how to best incorporate recruiting into their business. I hope that by sharing my experiences from an in house and external perspective I can help organizations understand how to best incorporate talent acquisition into their business plans to help achieve their strategic goals.

There is a lot of noise out in the business world about how to attract people to your organization. What I have found that works well is that there are six steps that a company needs to follow to develop a strong talent acquisition practice.

1) Workforce Planning – How many people do you need in your business and when?

Workforce planning involves modeling the labour supply and demand for different areas within your organization. This step becomes challenging if your organization is seasonal or in a large growth phase. Tying the size of the workforce to your business plan is the key to success. For an organization that is not seasonal or in a large growth phase, looking at its internal capacity balanced against attrition and retirement is an example of how to determine the size of workforce needed. Demand models are often based on the human capital needs that are required to deliver the corporate strategy a number of years out. Forecasting becomes more difficult when looking at longer term strategies. Recruiting targets must be aligned with both current and future needs of the organization.

2) Employee Branding – What does it mean to work for your organization?

Employer branding is developed from having a true understanding of what your companies’ brand means to employees or potential employees in the marketplace. Creating a winning employee value proposition is essential. This proposition must be tailored to each potential employee group and speaks to the types of exciting work within the organization, how great the organization is to work for, the wealth and reward that is associated with specific roles and the development opportunities within the organization. Your organizations best advertizing comes from its own internal employees. If they understand the employee value proposition they become evangelists in the marketplace.

3) Recruitment Strategy – How are you going to attract people to your business?

Recruiting strategy needs to target specific labour pools for certain positions via different channels. There are four online channels (company websites, job portals, online advertizing and social media pages) and three traditional methods (employee referrals, partnerships with schools or universities and using external suppliers for targeted groups. It is important to diversify recruiting channels by using online and more traditional sources to ensure the broadest section of talent is exposed to the recruiting efforts of your company.

4) Recruitment Process – What are the processes you need to bring people into the organization?

Recruiting processes need to be fast and effective. A quick response to interested candidates and the tracking of this response from initial contact to on boarding is vital to maintain flow and keep interested candidates moving through the process. What is your interview process and structure? How are offers prepared? Who will be presenting the offer? These are all questions that need to be answered prior to beginning recruiting. Having a set plan of how candidates move through the process is essential to delivering the caliber of employees needed within specific time frames.

5) On boarding – Once people are hired, how do you quickly train them and get them performing at a high level?

Bringing a new employee on-board is crucial for employee retention and is an ideal opportunity to gain an understanding of personal development needs for the new employee. This is an chance to set the tone of how your business interacts with its employees. Initial training, mentorship and setting out a personal development program are all keys to motivation and enabling new employees to perform at their best quickly.

6) Retention – Now that you have the right people in the company how do you keep them?

Retention efforts powerfully underscore the integrated nature of talent acquisition: without them, all of the preceding planning and recruiting steps will be for naught. Lack of a personal development plan is the main reason I hear when speaking with candidates for leaving an organization. The definition of career tracks within the organization and discussing these paths with the potential employee as early as in the interview stage of the hiring process goes a long way to developing a long term relationship. Talent retention is a primary indicator used to measure success of talent management.

Many organizations struggle with how to approach talent acquisition. I have found that if a company understands and implements these six steps it will set the organization apart from their competition and make a huge difference to their ability to attract and retain the right talent.

First Impressions: Interview Tips!

An interview is your opportunity to make a favorable impression and show the interviewer why you are the best candidate for the role . Our experts have compiled some crucial interview tips to help you put your best foot forward and avoid common interview mistakes.
 
 

Research the Company

First and foremost, make sure you research the company and position you are applying for to ensure the opportunity is right for you. Your knowledge of a company should consist of more than the `About Us’ page on the company website—do your due diligence to show that you are truly interested in the opportunity.

Appearance & Presentation

Regardless of your industry, the old adage `dress to impress’ always applies. Employers will rarely denounce you for overdressing. If you are worried about being overdressed, don’t hesitate to call beforehand and ask about the most appropriate attire for the interview. Additionally, it is important not to wear anything that will distract the interviewer (such as too much perfume). If you plan on wearing a coat or scarf, remember to take those items off for the interview to show that you are confident and comfortable, and that you believe the interview is more than just a quick conversation.

Punctuality & Timing

You should always be on time for an interview. Plan your route ahead of time to arrive 10 minutes early (any earlier and you may interrupt the interviewers schedule). Remember to take rush-hour traffic into account. Though you should never be late for an interview, if there is an extenuating circumstance, make sure you always have your cell-phone on you and have the appropriate phone numbers readily available—in which case you should phone the interviewer immediately. Lastly, make sure you have adequate time for the interview—you should never be watching the clock.

What To Bring

Bring all necessary documents to an interview, these include: an updated resume, list of references, any recommendation letters, a portfolio of any work samples that may be beneficial, a pen, and most importantly, a confident and positive demeanor.

What NOT To Bring

Leave the coffee, gum and any negative thoughts outside of the interview room.

The Interview

The interview is your time to shine and it begins as soon as you walk onto the premises so act accordingly. Show up on time, dressed appropriately and be enthusiastic and pleasant to everyone you encounter. Offer your interviewer a practiced handshake and a smile. Again, take off your coat or scarf if you are wearing one and be polite.

Things to Remember

There are lots of things to remember during an interview but some of the most important (according to our Industry Specialized Recruitment Professionals) are as follows:

  • Candidates who appear interested in the prospective company have an advantage.
  • Don’t talk about compensation until the Employer does—build your value first and your equity will rise
  • If you notice your interviewer taking notes, moderate your speaking speed or pause occasionally to accommodate.
  • Be conscious of your body language to show that you are friendly and personable.
  • Don’t assume your interviewer completely understands your previous roles—the more detail about your experience, the better.
  • Never speak badly about former colleagues or companies.
  • Avoid using too many colloquialisms in an interview—professional language is always preferred.
  • Don’t be afraid to pause briefly to formulate an answer that best addresses your interviewer’s question.
  • Be transparent—as long as you are honest, flaws can be understood. Misunderstandings happen when trying to hide negative points.
  • Always listen intently during an interview and don’t be afraid to ask your interviewer to repeat a question.
  • Asking open ended questions allows you to learn more, for example ‘Could you please tell me about the corporate culture?”
  • Don’t take your work experience for granted and explain you work, duties, and position as fully as possible so Employers can relate your experience to their Company.
  • Make a list of what is important to you in your career. Be honest about what your career preferences are so you can find a position that best suits your preferences.
Interview Follow-Up

Before you leave the interview, make sure you have the email address of the interviewer and follow-up with a brief email when you get home thanking the interviewer for their time while reinstating your interest in the position. Never assume you have the job until everything is finalized. Continually questioning your interview process will allow you to keep improving. Lastly, make sure you stay available and contactable throughout the recruitment process.