As an employer, you should be aware of the financial consequences of leaving a position open for too long. This is especially the case if the position is a critical, high-level position.
While it may appear as though you’re saving money because you’re no longer paying for an employee, that’s not the case. The hiring of an employee represents an investment in your organization. Any sound investment brings with it a sound return on that investment.
The reason you hire an employee in the first place is because you expect that employee to produce a return many times the amount of the investment you made. If you don’t have an employee in a critical position, it’s true that you aren’t paying for that employee. But it’s also true that you’re not receiving a substantial return. You are, in effect, losing money.
There are other ways that leaving a position open for too long is costly. If other employees have to assume greater responsibility and handle other duties, then that can diminish their overall effectiveness and the value they provide for the company.
Not only that, but top candidates also have their pulse on the marketplace. If you have a critical opening that’s been vacant for too long, they will know about it. They could have the impression that something is wrong with the job, your organization, or both.
If you have a critical, high-level position, then you should fill it with the best candidate in the shortest amount of time possible. An experienced search consultant can help you to identify, recruit, and hire the candidates you need for these and other positions.