Finally... A Cost-Effective Solution To Our Industries Biggest Problem... Team Turnover!
The financial impact of team turnover can be devastating as we expend large amounts of hard-earned cash in the process of finding a replacement for exiting team members. Recruiting chews up both time and resources as we advertise, vet CV’s, interview and complete all the associated tasks in an effort to secure the most suitable candidate. Take a minute and reflect on how many employees you have lost over the past 12 months and give some thought as to how much losing them is costing you.
To quantify the loss and put a number on it we drew upon the resources and expertise of International HR Organisation Drake International. Drake calculated the dollar cost of losing a Property Manager on a wage of $60,000 per year to be $17,665. This figure is alarming when we take into account that it does NOT include the fee required if you choose to use a recruitment firm. Typically, that would add an additional $5,000. The breakdown is as follows:
These calculations also do not consider the collateral damage that can follow. We asked our clients about the flow-on effect and they advised us that if they lose an experienced Property Manager, then they expect to lose around 3 managements that will follow them over the following months. The impact can be a combined hit of around $12,000 to the value of your rent roll. Even further damage is caused if the exiting employee convinces or influences another Property Manager to leave with them, the loss doubles.
Getting the most suitable candidate for a specific role within a business is an essential first step in stemming the high team turnover and associated costs that plague our industry. Agent Dynamics Team Solutions System mitigates your risk by attracting, assessing and filtering the most suitable candidate for any position in the most cost-efficient way available.
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