In the month of January Broadvox lost two very good people from Sales and Marketing. While no one person is ever critical to the success of a business, losing good people can be expensive. In addition to the easily measured costs associated with salaries, bonuses and benefits there are other reasons to work very hard to reduce undesired attrition. Consider these less discussed costs:
- Time spent researching resumes
- The effort to contact candidates (email, phone, other)
- Scheduling and conducting interviews
- Company and industry knowledge lost
- Time to get up to speed
Other factors such as search fees, impact on the organization, and expenses to relocate key employees can add thousands of dollars to the replacement cost.