The impact on profits is shocking. According to people consultants RTS, the cost of replacing a sales executive is roughly £15,000 – that’s advertising costs, time to interview and train, and lost productivity while a replacement is sought and while a new starter gets up to speed.
Part of the problem is recruiting the right people in the first place. Then, once you’ve got a good person, keeping them is an ongoing challenge, one where excellent managers are worth their weight in gold.
Contrary to common perception, sales is not the biggest staff retention problem area – at least it isn’t for the 192 retailers who responded to the AM Litmus Test.
Yes, almost half of them have lost sales staff over the past three months, mostly 1-5 employees. But 60% have lost service/repair technicians over the same time scale.
Overall, 76% of the 192 retailers have lost staff. Part of the problem might be turnover in management. A third of retailers have lost management in the past three months.
So what’s the cause? That’s what we are trying to find out in conjunction with RTS and IMI in the Rate Your Job survey.
We’ve come in for some stick by retailers angry that a trade publication is surveying employees about their job likes and dislikes with questions about satisfaction, pay and relationships with managers.
They believe it could encourage staff to consider their positions at their current employers. But if they are unhappy, they’d start reconsidering regardless of this survey.
Rate Your Job will provide employers with an insight into their employees’ thoughts – what motivates them, what drives them.
Understanding your staff is crucial if you are to maximise their productivity and increase their loyalty to your business.
Help us to help you by filling in the survey and encouraging your staff to fill it in: go to www.rts-on-line.com/rate_your_job/