Measure days from requisition approval to start date and the cost of the vacancy.
Time to fill includes the notice period, which time to hire excludes — and notice is often the larger component. Multiplying by the daily value of the role converts delay into a cost that can be weighed against recruiting spend. Vacancy cost usually dwarfs recruiting cost, which reverses the usual instinct to economise on agency fees at the expense of speed.
Time To Fill
Time to fill = days to hire + notice period; vacancy cost = days × daily value of the role
Time to fill = days to hire + notice period; vacancy cost = days × daily value of the role Time to fill includes the notice period, which time to hire excludes — and notice is often the larger component. Multiplying by the daily value of the role converts delay into a cost that can be weighed against recruiting spend.
Vacancy cost usually dwarfs recruiting cost, which reverses the usual instinct to economise on agency fees at the expense of speed.
This calculator takes 4 inputs: Days from requisition to accepted offer, Candidate notice period, Revenue or output value per day for the role, Roles open. The pre-filled defaults are a realistic starting point — replace them with figures from your own environment for a result you can act on.