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What Does It Cost When Top Talent Leaves?

Posted by Bruce Weinstein

3/2/15 8:30 PM

Who is the person in your company that could set you back if they left tomorrow?  Is there more than one? Is there top talent that is looking for greener pastures, right now? Would you know?


Have you calculated what the numbers would be if your top salesperson, sales manager, or executive left? Do you have a special employee who drove the majority of growth last year?

Are these questions keeping you up at night?  If they aren't, maybe they should.

Every company has top talent.  How do you define it?  Is it your trusted advisor of 20 years, or is it the 30 year old rockstar sales manager that brought you double digit revenue growth this past year?

The fact remains that top talent, whether it's your CFO or your top producer, is in scarce supply these days.  And it's not getting any better.  The winners are tough to find and tough to keep.  Winners are always looking for new ways to win and it might not be with you.

In the age of LinkedIn and Big Data, your top talent has ways of finding greener pastures quicker and more efficiently. Recruiters and other companies are even better at finding them.

I have read a number of great articles on managing your brand’s culture and environment, improving the way you communicate the obvious, and sharing the mission.  Several books have been written on this, and you may have read them all.

Did you ever watch someone walk away, taking a deal that failed to live up to the competitor’s rosy picture of an offer?  Did they tell you later that they, “should’ve stayed?

What happens when your company has the "cold foot" moment.  1 bad quarter.  1 bad meeting.  1 bad review.

No one leader and no company bats 1.000, and you are most vulnerable during a "slump." Your top talent will start to shake the bushes when you have that "slump."

Even Babe Ruth had a slump in 1922.  What would baseball have looked like if everyone gave up during a slump?

As we know, professional athletes have agents and contracts.  They are made to feel special so that they return.  Are you treating your top talent like your favorite sports team?

Is your top talent getting the same perks as the peanut jockey at the ball park?  If you aren't treating your top talent special and building in long term incentives that are different from the rest, you may be pushing them into a situation that is bad for the both of you.

Have you taken the test to see if you are at risk of losing your top talent?

Get Started!

Topics: Top Talent

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