Navigating the Storm: 8 Steps You Should Take When Losing A Key Employee
Losing a key employee can feel like a significant blow to any organization. It’s natural to experience a mix of emotions, ranging from surprise to disappointment. However, it’s important to remember that employee turnover is a part of doing business, and how you handle such situations can make a huge difference in the long run. In this blog post, we’ll discuss what steps to take when a key employee resigns, ensuring a smooth transition and safeguarding your company’s interests.
- Process the news
When a key employee resigns, it’s important to gather your thoughts and feelings and depersonalize their decision to leave. Understand that people often change jobs for various reasons, and it’s not always about the company or management. Give yourself time to process the news before taking action. - Engage key stakeholders as soon as possible
Once you’ve processed the news, it’s crucial to notify key stakeholders, such as managers, directors, and executives, of the employee’s departure. This ensures that everyone is on the same page and can start working on a plan to address the gap left behind. - Share the news with the team and the interim plan
Formulate a clear message to share the news with the remaining team members. Be transparent and include information about the interim plan to fill the gap left by the departing employee. This will help maintain morale and reassure the team that there’s a plan in place. - Conduct an exit interview
An exit interview provides valuable insight into the reasons behind an employee’s departure. Make sure to ask open-ended questions and listen carefully to their feedback. This information can be used to improve your organization and prevent future departures. - Get a list of key information for their replacement
Ensure that you obtain a list of crucial information, such as ongoing projects, responsibilities, and contacts, that their replacement will need to hit the ground running. This will help ensure a smoother transition and minimize any disruptions. - Protect your company
Take necessary precautions to safeguard your company’s interests. This includes addressing any legal obligations, ensuring that the departing employee understands any nondisclosure agreements, confidentiality notices, and noncompetes that may be in place. - Develop a replacement/hiring plan
Create a well-thought-out hiring plan based on both short-term and long-term needs. Consider whether it’s best to promote someone internally, hire externally, or utilize a combination of both. Having a solid plan in place will help ease the stress of the hiring process. - Maintain a relationship with the departing employee
Although it might be tempting to cut ties completely, maintaining a positive relationship with the departing employee can be beneficial in the long run. They may refer potential candidates, provide valuable industry insights, or even become a future business partner.
When a key employee resigns, it’s essential to act proactively and strategically. By following the steps outlined in this post, you can minimize the impact of their departure and position your organization for continued success. Remember, change is inevitable, but with the right approach, it can also present an opportunity for growth and improvement.