According to SHRM 2022 benchmarking data, the average cost to replace an executive-level employee is nearly $30,000. While this estimate largely focuses on the hard costs associated with executive turnover, many argue estimates of executive turnover should factor in key soft costs, such as the time departmental leaders and managers invest throughout the hiring and training processes. When you take soft costs into account, the actual cost of filling an open C-suite position is estimated to be three to four times the cost of the position’s salary. Yikes. That’s a real blow to the budget!
Although the headache and costs associated with hiring an executive-level position are hard to swallow, the actual experience of being in one of these high-level roles can also be extremely overwhelming. The to-do list is never-ending, and top performance is always expected. From balancing packed calendars, to making critical business decisions, to managing team members, to practicing self-care, to spending time with family, and even caring for a loved one, being an executive is not easy.
Because the cost of replacing an executive is so high, and the importance of high-performing executives is so critical to the health, growth, and well-being of any organization, we believe anything an organization can do, should be done, to empower executives to thrive in their roles.
For those in the C-suite, there’s something more precious than all the rest: time. This is especially true for your execs who may also be balancing caring for a loved one back at home. Many caregiving tasks, such as calling doctor’s offices, visiting assisted living facilities, or picking up groceries, are mostly done during the workday. But what if there was a service available to help ease the caregiving burden?
Enter Homethrive! For one professional services firm, offering a family caregiving support benefit meant the difference between retaining a key member of its executive team, and her stepping down to take care of her elderly mother.
Here’s a sneak peek of the case study results. By utilizing Homethrive’s caregiving support, the COO of this prominent professional services firm was able to:
- Remain at her job, knowing her mother was supported and safe
- Save 16+ hours per week in traveling, researching, and coordinating care
- Feel better, both mentally and physically
- Enjoy time with her mother
To read this exec’s full story and learn how Homethrive stepped in to help, check out our case study. We can’t wait to see what you think!
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