Everyone in your organization is working their tails off to hit your company’s yearly revenue goal. The sales team is hitting their numbers, but there’s a problem: There are several open Sales Development Representative jobs.
No big deal, right? The rest of the team will just pick up the slack.
Wrong. And this isn’t just exclusive to sales—or your business. Currently 40 percent of companies have open entry-level jobs of all kinds.
The bottom line is, vacant positions affect your organization’s, well, bottom line. Here’s how—and what you can do to address this issue.
According to ADP, job openings weigh down US GDP by an average of $13 billion every month—totaling roughly $160 billion per year! That’s a lot of money left on the table.
This makes sense: The cost of a single vacancy to your business can be as significant as $7,000-$12,000 per day! Think about how that statistic affects your company’s pipeline. It’ll likely make you rethink each open req you have for Sales Development Representatives (SDRs) or Account Executives. That’s a lot of green that could mean the difference between your organization being in the red or the black.
To decrease your organization’s time-to-hire and fill vacant jobs faster, you need to create a sound digital job sourcing strategy. Job sourcing platforms like WayUp have deep talent pools so a company can quickly hire qualified candidates—for positions all across the country.
WayUp technology instantaneously screens every application in seconds, administering a decision within 24 hours. Qualified candidates are then able to schedule a phone screen (Monday-Saturday, 8 a.m.-12 a.m.) and—again—receive a decision in one day. Qualified candidates who pass the screen are delivered directly to your hiring team, meaning you can schedule on-site interviews as quickly as 48 hours after posting a job.
The average enterprise company’s time-to-hire is 62 days. (That represents the amount of time between posting a job and extending an offer.) For those mission-critical roles, that equates to potentially tens of thousands of dollars in lost revenue. WayUp Source, Screen & Coach has helped clients like Nasdaq and Apex hire 2X faster and slash their hiring costs by more than 50 percent.
Hiring top early-career talent before your competitors do can mean the difference between a successful business and a floundering one. So, how does your hiring stack up?