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THE REAL COST OF TALENT

When choosing the right talent to join your organization, you typically face the tradeoff of the budget for a given position versus the need for the right person to fill the role. Making the right choice for talent is an amazing win for your organization, but when the choices are less than ideal, talent is sparse, you need specifics, and you are having trouble finding that great first impression, whatever you do… do not settle! You can spend months (sometimes a year or more) investing in new talent. Not only are you paying salary, providing benefits, and absorbing tax burdens, but you are also investing valuable time in their tribal knowledge to help them acclimate. While you want to get it right every time, sometimes
we miss the target. The additional opportunity cost of lost time, the spent wages, the taxes, and the benefits paid are only a small portion of the challenge. You end up losing time, and with any company, times can change. Perhaps when you made this hire, the company was performing great, the budget was within limits, and the outlook was favorable. When those tailwinds turn, sometimes you may not end up in the same place simultaneously to even make the same hire happen twice. Have you ever lost your backfill position? Have you ever spent time discussing those budget dollars and how they were managed to benefit the company elsewhere? Is the company not in the same place of performance? Have you lost your justification? These are the real costs of talent.

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