Managers failed due to their inability or inaptitude in retaining top talent. The managers are more concern on their key performance indicators (KPI) than their staff relationship and performance. Managers are good at their job but they had forgotten about the relationship and welfare part.
Managers including the senior management have this attitude that anyone is replaceable easily like gloves. They can hire someone even better and even cost lesser than the existing staff pay package. They are cheating themselves, and doing a disservice to their company.
What happen when you lose an employee
- You have to spend time on recruiting the competent staff
- Time loss due to interviewing and waiting for staff
- Negotiating the pay package with the new staff
- Training of the new staff
The staff whom the company had lost had bought all the knowledge with him. This can never be replaced as he/she had built this bank of knowledge and experiences over the years,
A good employee had good knowledge of the systems, products, relationships and processes. They have trust relationships with clients, vendors and co-workers that takes years to build. You lose a precious commidity called TIME and it can never be recovered. There will be loss of productivity of a minimum of 2 months as the company search for a replacement.
Picture credit from Linkedin user.