Ever wonder what it costs your company when key member moves on? We can’t tell you the exact numbers for your business, but we can certainly tell you the factors…
REVENUE COSTS:Revenue costs account for the amount of revenue lost by having a position unfilled.
- Decreased output
- Underutilized equipment and company assets
- Delayed revenue
- Lost revenue resulting from products/services that aren’t introduced
MANAGEMENT COSTS:Management costs are high when key leaders take on duties associated with the vacant position.
- Less time spent on strategy and innovation
- Less time to manage remaining employees, effecting productivity and employee satisfaction
- Increased manager frustration leading to diminished team morale
TEAM COSTS:Team costs occur when remaining employees back fill an open position in the company.
- Lost leadership resulting in a lack of productivity
- Lost idea generation and collaborative innovation opportunities
- Retention of under-performing employees out of necessity
PERSONNEL COSTS:Personnel costs can often be long-term and occur as a trickle-down effect when a position remains vacant.
- Increased employee frustration
- Greater incidence of illness and absenteeism
- Lost opportunity to develop skills of current employees
- Higher incidence of employee error
- Higher turnover due to diminished work/life balance and increased workload
Every hour that a position is remains vacant means clients go uncalled, innovative ideas go undiscovered, terrific employees become frustrated, and client questions go unanswered.
Have an unfilled position? Call us today! 604-689-8687