When an organization has to replace a staff member, the costs incurred are more than just the price of an employment ad. Even a typical severance payment doesn’t come close to the real cost of replacing staff. Most costs are not direct figures, making it easy for mangers to overlook the real financial impact of a departure. When a longtime executive leaves, a great deal of institutional knowledge often walks out the door. Not only that, departures can have a domino effect, impacting an organization’s established relationships, potential revenue and productivity. Although it’s difficult to put a price tag on some of the intangible effects, the costs incurred for… Read More