Coaching Tip: The Leadership Blog: Retain Talent: Develop Leaders

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Regardless of your industry, it is the people who work for you who are your sustainable competitive advantage. You need to do everything possible to find, develop and keep those people who make your company competitive.

No matter what business you're in, you are in the business of building leaders. Rather than risk losing a key employee, invest in developing their skills for a future leadership role. Doing so will keep the employee engaged, demonstrate your company's commitment to retaining and growing in-house talent and ultimately help your organization's bottom line.

The cost associated with losing a key employee is estimated at the equivalent of 18 months' salary. In addition to the cost of the search for a replacement, this includes developing the new employee up to the performance and organizational knowledge of the person who left.

If your company's size or other constraints make an in-house leadership program impractical, turn to your peer network to identify opportunities. A successful leadership program can help an organization achieve its growth goals, bring products to market faster and have a positive effect on the bottom line.

Establishing a leadership program within your company can help turn the question, "Is next in line, the best in line?" into an affirmative statement.

Source: Deborah Phillips, Chief Administrative Officer, Priority Health