Recently an HR leader shared some good news – “Our CEO is now thinking about retention of people because we had one of our best project managers leave to go to another company.” It is a positive thing to have the attention of your leadership on the retention and development of your high potential people. But what is the cost of losing one of your best people?
I am reminded of a study done by a peer one time that estimated the cost to replace a leader in their organization at around $10,000. These were hard costs and did not include team productivity, mistakes by hiring an outside person, etc. In my work with growth organizations I think this number is low. If the high potential or the leader is in charge of starting a new business or product line, then their absence will probably cost the organization 5-10x that amount.
Celebrating a CEO’s renewed vigor in retaining people is warranted, but when I hear the words refocus or renew it tells me that an initiative is starting. An initiative is a response to an event with a plan to fix something that is broken. What is broken are the habits that people see as a real commitment to their success – both job and career.
A solution – twice a year sit down and check how you are doing on your habits that, when done routinely, will make the need to initiatives go away. I put together a list that is yours to use, it is called a Talent Scorecard and here is the link. I also did a short video to talk about how it could be used. Use the results to get your Habits back on track.
In all areas of our life, good habits make initiatives go away. It is the day to day/week to week things we do around fitness, finances, relationships, spirituality, personal growth, and family that guide us to a preferred future.
It is in our habits that we tell people what is important to us.
Make a list of the weekly habits you have (meetings, conversations, personal, family)? What do they say about your priorities to the people watching you (your people/your children)?
What is it costing your organization or you personally because certain key habits are not there?