When a key employee quits, it’s a gut-wrenching experience for most small-business owners.
That single loss will likely result in a significant performance drop for the firm because that lost employee might represent an entire function. The drain will last for months because a good replacement takes time to recruit, hire, train and get up to speed. Plus, a significant portion of the manager’s time will be diverted toward recruiting and training a replacement.
Most small-business managers know little about retention. Their focus is often elsewhere. So they find themselves completely surprised when a key employee quits.