There is a cost when you delay making a crucial hire, or when you move too fast and make the wrong hire, or in just being indecisve! But, very rarely do we see these costs ever being considered! They become particularly painful the longer your search takes!
#1) Lost Revenue Due to Vacancy
Will this be role be managing others or any essential operations? Will the be building new features? Generating revenue? What is the loss of productivity without having this person in place? How much does it cost if this search goes one month longer? Two months?
#2) Interviewers’ Time
Every hour spent interviewing is an hour not spent on their primary job, and other potentially revenue-contributing activities. How many people are involved in the interview process? How senior are they?
#3) Morale of Team
Even when not on the interview team, a vacancy can mean increased workload and stress, and resentment - “does the company support me?". It can lead to reduced motivation, job insecurity and increased turnover. This one is super hard to measure but can be very real and very expensive.