Art Jacoby's Monthly Newsletters
Newsletter Library - April 2007
Not a Disney Moment
Some of the best and brightest employees leave their companies every day for greener pastures. They take with them valuable relationships along with institutional knowledge, and their departure heightens concerns amongst both customers and staff.
With “A”-level players, flight may occur for a variety of reasons. You can’t control an over-the-top move (and accompanying paycheck!) to a much larger competitor. However, you can ward off a loss due to lack of leadership that inspires them, work that challenges them, and opportunities that allow them to share in your business’s rewards. Taking such preventative measures is not only advisable, but critical to the long-term success of your company.
The cost of losing the best and brightest is onerous, and many an excellent organization never recovers from the loss of its movers and shakers. Lost productivity, recruiting expenses, and training costs are just the tip of the iceberg – the loss of reputation can take years to recover. From an external perspective, you’ll need to consider the customers who have been favorably impressed with the lost employee’s contributions over the years. From the inside, you’ll be worrying about the current staff who perceive greater competence in the leaders who’ve exited than in the ones who remain.
While you should always take care to extricate poor employees from your company as you pursue excellence, you also need to ensure that you do what it takes to retain your “A” team! Or else, in a twist on an old Disney story, the “Dumbo” of the team won’t be the one who flies away.
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