Your Top Performing VP Just Resigned – What Would You Do? (Episode #2)
A Cautionary Tale for Today’s Business Leaders
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The Coaching Culture Company
Episode 2
A couple of conference calls and a sleepless night later…
Charlie and Mary are standing across the table talking earnestly…
“What?! How much?! You gotta be kidding me, Mary!” exclaimed Charlie. “And that’s not even including the compensation package for the new hire?”
“That’s right Charlie. I spoke to our CFO and our best headhunter, and this is what I found out…”
…Mary went on to say, “If we lose Joe, at his position and level of skill, it will cost us $350K to find, hire and onboard his replacement.”
“We might as well just give Joe the money,” replied Charlie – discouraged. “It’s not just the money and the time all that takes, its also the risk that the new hire won’t work out.”
“Yes, that’s what the numbers suggest, but it’s not that simple, Charlie. What do we do when some of his peers find out what we offered him, as they invariably do? We could lose more people or at least take a hit in morale and engagement,” Mary explained. “And even if he accepts and stays, what’s to say Joe won’t do this again next year?”
“I hear you, Mary, and everything you say makes sense in concept, but bottom line today is we can’t afford the lost revenue and possibly some of his customers and best reports. I’ve got to keep him if I can, whatever the cost.”
“Set up a meeting with him in my office tomorrow. I am going to try and beat the other offer. How did we get into this damn situation to start with, Mary?”
How DID Charlie’s company get into this situation? Will Joe even take the money? What would you do?
Stay tuned for Episode Three next week and find out the answers to these questions.
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