You May Be More Valuable at Work Than You Think
Do you consider yourself a high potential employee? More importantly, does your boss? If so, you may be more valuable than you think. Did you know it could cost your company up to 3.5 times your salary to replace you?
According to research from The Corporate Executive Board, a research and advisory services company, the failure of businesses to manage and retain top talent is negatively affecting their balance sheets. They've seen the numbers: 25 percent of top employees plan to change jobs in the next 12 months alone. And 64 percent of high-potential employees say they are unhappy with their development activities at their current jobs.
That adds up to a lot of movement among top employees. Some employers realize this, and are actively involved in top talent poaching. If you keep up on the news in your industry, you'll see top employees changing companies right and left, and you just know they've been offered juicy compensation packages to pick up stakes and move on.
While there's an overabundance of job seekers in many industries, there just aren't enough truly talented and gifted workers to meet the needs of growing companies. Bosses are getting desperate to keep their top talent, and if you're one of them, now's a good time to ask for a little compensation bump.
You'll probably find that because of the job loss during the recession, organizations are shocked by the intense time and financial burden it requires to retain top talent. For each high-potential employee that departs, an employer will lose as much as 3.5 times that employee's total annual compensation. The expenses include: Headhunters, hiring campaigns, retraining, moving, productivity lost during the search and while bringing a new employee up to speed, hiring bonuses -- the list goes on and on.
It's so much more economical for them to give you a raise, bonus or better working conditions, and keep you on. You might want to remind your boss of that right about now.