Cost of Vacancy (=CoV)
The "Cost of Vacancy" refers to the financial impact that arises when a position in a company remains unfilled for an extended period of time.
These costs include various aspects such as loss of productivity, lost sales, additional burdens for existing employees, as well as possible negative effects on customer satisfaction and company image.
The cost of an unfilled position can vary by industry, position and company size, but it can be significant and have a long-term impact on a company's profitability and success . It is therefore important to make the recruitment process efficient and to fill positions quickly and successfully in order to minimize the negative impact of the cost of vacancy.
