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Turnover may be down, but the real cost hasn’t disappeared.

In this episode, we break down what most firms miss when they think about turnover. While recruiting fees and open seats are easy to track, the biggest impacts are often invisible: lost productivity, strained teams and fragile client relationships.

Using IPA data, we explore three lenses: financial, cultural and client impact, to show how turnover quietly reshapes firm performance. From six-month ramp-up periods to institutional knowledge walking out the door, the numbers and consequences add up quickly.

We also discuss why firms consistently underestimate these costs and what the firms who are getting it right are doing differently. The takeaway: turnover isn’t just a staffing issue, it’s a signal about how your firm operates.

If you haven’t calculated the true cost of losing a senior manager, this episode will likely change how you think about retention investments.