Even during a time of high-unemployment, Top Sales-people are always in demand, and their skills are easily portable from one sales environment to the next. Losing them to a higher bidder OR a more lucrative sales opportunity is too easy to be taken lightly.
The cost of hiring a new employee for any position is significant, whether an employee is fired or laid off or leaves voluntarily. The many formulas that calculate such costs vary widely, but can range upward of 200 percent of an employee’s annual salary. That includes not only the obvious tangible costs of severance pay, vacation accrual, and job advertising and recruiting fees, but also indirect costs such as the staff time needed for paperwork, recruiting, resume reviews and interviews, and then new-hire orientation and training. Other hard to quantify costs can include customer dissatisfaction, poor employee morale and loss of revenue during transitions.
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