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Factors that increase Key Person Risk
Management of Key Person Risk is crucial for any business.
Reach
Great employees are, the scarcest resource in business! Their knowledge and experience is the most difficult resource to replace when those people leave your business. It is crucial that you look after them and ensure they are not overwhelmed or snowed-under by their workflow or approaching burnout! Regardless of how good your best team member is, they are limited by the amount of time that they can dedicate to the business. Therefore it is crucial, for the time they spend in your business, that they optimise the amount of time that have on those tasks that they must be performing. High-end, value-added tasks, not lower valued administration activities. Our KPRS team have successfully worked with key people to provide them the necessary support for these low-end roles, effectively “extending the reach” of these key people, thereby making them more productive and valuable to the business.