Is turnover a problem for your organization?
You’re not alone. Losing key resources has always been a challenge and an area of increasing risk for companies.
In the last year or so, more and more valued workers are making moves leading to what has been called the “Great Resignation,” or the “Big Quit,” or the “Great Reshuffling”.
As a result, years, sometimes decades of institutional knowledge can be lost overnight. Costs associated include recruiting, hiring, onboarding, training, and lost momentum & efficiencies along the way.
The problem may increase when:
- The person being replaced was wearing multiple hats which can’t be backfilled with just one new hire
- The person being replaced kept their systems and institutional knowledge close to the chest, rarely sharing with others
- There is little to no documentation or defined procedures for someone new to follow in their footsteps
- There aren’t others available in your company to provide adequate transition support
- The new resource may take months or longer to complete the onboarding process without appropriate knowledge transfer
- There are others in key roles who depend on that person to resolve critical business issues
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