The POWER OF THE COV Cost of Vacancy

The POWER OF THE COV Cost of Vacancy

Imagine having, at your disposal, the exact amount of cost your organization incurs each day for each position.   How would this one point of information affect:

       COV Bullets1 The POWER OF THE COV Cost of Vacancy

Now, Think of the Power the COV would supply Talent Acquisition when:

       COV Bullets2 The POWER OF THE COV Cost of Vacancy

As Michelle mentioned in the previous interview, “Don’t Fear the Data!”  Understanding your Cost of Vacancy will put a clearer perspective on what Talent Acquisition is doing and how it can truly benefit the company.

So what is this COV exactly and how do you calculate it?

The Cost of Vacancy (COV) is the cost to the organization when a position is vacant, you can think of it as the value of the position less the cost of the position.  Calculating it is much like coming up with a position’s Profit and Loss statement.  If you would like to learn more about the power of this metric and how to create it, click here to join our complimentary webinar which includes the benefits, the how to and actual COV calculators.

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From our inception in 1997, companies have relied on People Science to “break the code” of their toughest and most complicated recruiting efforts. Acknowledging the importance of taking a fresh approach when in a War for Talent, we challenge ourselves to create processes, methodology and “out of the box” recruiting ideas to bring resolution to our clients’ critical staffing goals. As a result we have completed many RPO projects in our tenure and consider ourselves pioneers in the field of Recruitment Process Outsourcing (RPO). People Science provides End to End, Augmentation and Project RPO Services.

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