Performing a cost of vacancy (COV) calculation is useful for generating a clear picture of the financial impact of talent shortages on your company. We took the calculation a step further by weighing COV with hiring foreign talent. Our Savings Calculator depicts how each vacant position hinders your bottom line, then compares how much money your organization would retain with the predictable costs of visa sponsorship.
Annual company revenue: $3,000,000
Number of employees: 25
Average months to fill one position: 5
(Average working days for the year: 225)
Envoy shortens this time by 15 percent
Total cost of vacancy
3,000,000 / 25 / 225 * (5*20) = $53,333
Total cost of vacancy while using Envoy
3,000,000 / 25 / 225 * (5*20) * 0.85 = $45,333
SAVINGS PER POSITION USING ENVOY: $8,000
Why is recruiting foreign talent less costly?
Simply, it takes less time. Filling a position with a skilled foreign national takes 15 percent less time — around 23 less days. As a result, your company saves money since immigration fees are a small and predictable cost.
Bottom line: The cost differential is clear. Immigration is friendly to your recruiting budget now, and saves your company money in the future.
The post Savings Calculator: Weighing cost of vacancy vs. hiring a foreign national appeared first on Envoy.