Studies show that employer brands and employee value propositions can be the differentiators for middle market firms fighting for top talent
Talent is one of the biggest costs to a business, even more so when it’s unfilled. In 2014, CareerBuilder reported that on average, businesses lose more than $14,000 for each position that remains vacant for three months or more. More than 16% of businesses say that cost can exceed $25,000.
The middle market is one sector of business where talent acquisition and retention is particularly challenging. Nearly half of companies with annual revenues between $10 million and $1 billion report that they don’t have enough talent to fill leadership positions, according to surveys of more than 400 middle market C-suite executives and more than 600 members of the middle market talent pool by the National Center for the Middle Market and the Novo Group compiled in the report “Building the Top Team.”
“When you have important roles left unfilled, that costs the company money. When you’re hiring, you want the best. The difference between an A player and a B and C player can be significant, especially in a thought-leadership era,” says Leah Burdick, vice president of marketing for recruitment company Hudson RPO.
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Michelle Markelz is managing editor for the AMA's publications.