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Helping Companies Rethink, Recover & Refocus on the Future
Call John Grubbs (903) 295-7400
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Face it; we have all taken top performers for granted at times. It does not mean you are inconsiderate; it means you are human. However, the post-pandemic corporate migration I have predicted is now upon us. Work-from-home (WFH), flexible work arrangements, and virtual solutions are shifting the market for top talent. A qualified CPA can efficiently work for a firm in Wyoming while living on her boat in Florida. For many jobs, location is no longer the barrier as in the past. A recent survey revealed that 25% of employees are considering an employment change. Yes, that includes your best people.
[Golden handcuffs (1976) are compensation and benefits that encourage highly compensated employees to remain within a company instead of moving to the next company. Golden handcuffs are frequently used for jobs that require rare and specialized skills or in a "tight labor market," where jobs are more common than workers. In any case, although they are costly, they are usually less expensive than the cost to replace a particular employee.]
Many leaders are about to have a rude awakening as crucial team members announce a move to another opportunity. You and your leadership team must develop a strategy to mitigate the migration threat for your business. Having a plan alone will not stop the impact on your business; however, it will provide you with some action steps to reduce the cost of losing and replacing critical members of your team.
Following are some questions to consider. What is the financial impact of losing Mary (top sales representative)? How long will it take to replace Edward (operations manager)? How many months will it take for the next candidate to become proficient? What happens if the subsequent two key replacements do not work out? One-fourth of your crucial team is at risk of a changing employment market. Make no mistake; other companies are hunting for your best people now. As this trend builds momentum (we are beginning), pressure will intensify to keep the talent you depend on for success. You cannot rely on hope alone. What can you do about it?
First, make sure your key people know...
