I think we'll have a mass exit if this leadership change is not handled carefully.
A few closed door meetings have everyone a little nervous. Rumors have started about a layoff or reorg. Some people have already updated their profiles on LinkedIn. We need to be as transparent as possible, or my job turns into damage control.
Employee turnover is very expensive and impacts quality, relationships, and profits.
Bob and The Board expect me to cover their butts on compliance issues. I’m frustrated because there's a lot more I could be doing. Leadership development is my strength! It's pretty simple. If we don't prepare people for new roles, I'll be spending all of my time interviewing, hiring, and trying to get new people up to speed. That represents a tremendous waste of resources. If profits are off this year, wait until we start losing a few of our key people. I’m afraid it won't be pretty. If I don't have a more strategic voice, I may update my profile on LinkedIn too.
We need to train people now for the roles they will take on in the next few years.
We have to invest in developing leadership and management skills now, or Bob's retirement triggers a domino effect. We have many excellent people. If we lose them, we lose their knowledge, their relationships, and their insights. It's cheaper to nurture experienced people than to try to fill their shoes after they are gone.