The Most Expensive Mistake A Leader Can Make

The most expensive mistake a leader can make is mistaking a person for a line item. Replacing good people costs a lot more than paying them what they're worth. When a dedicated employee leaves, they don't just take their laptop; they take institutional knowledge, deep-rooted relationships, and the team's morale.

Consider the real-world example of Costco. While competitors often focus on low wages to drive profit, Costco has historically paid significantly above the industry average. The result? They boast one of the lowest turnover rates in retail. By avoiding the constant cycle of recruiting, onboarding, and lost productivity, they save millions while maintaining a fiercely loyal workforce.

The "hidden costs" of recruitment and retraining are staggering, but the cultural cost is immeasurable. Value your people now. Honor their contribution, respect their growth, and compensate their impact. Retention isn’t just a strategy—it’s an act of gratitude. Don't wait for a resignation letter to realize their worth.

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