Knowing the Cost of the Market

When talking to top talent, we spend a significant amount of time exploring what motivates candidates to make a career change. The most common areas of interest for making a change involve finding an opportunity offering more professional challenges or advancement potential. Obviously job security has been a key concern for employees since the recession. And finally location, people and money are the three common motivators for change.

We are in a candidate driven market and top talent is becoming harder and harder to find, hence the need for organizations to explore ways to improve retention. Employees have options and usually they have more than one opportunity available to them. And turnover can be quite costly for employers.

“For decades, experts in talent management have emphasized the costs that are produced by turnover. It is usually said that depending upon the complexity of the job and the level of management, the cost of turnover can equal anywhere from one month’s to several years’ salary for a departing employee. The more complex the job and the higher level of the job, the greater the cost.” (Forbes)