Key employees are the most critical members of a business organization. They literally rock the boat, keep things afloat and everything in between. However, you cannot expect them to stay with you forever.
While it can be devastating to see your best employee walk out the door, there is a proper way for you to respond when they confess about their plans and submit their resignation letter.
Understand Why They Quit
According to a recent survey at LinkedIn, the top three reasons why prized employees quit are:
better compensation and benefits
better work-life balance
greater opportunity for advancement
An exit interview would shed light to the reason behind the resignation. The truth may be hard to handle, but understanding why your best employees quit helps you to become better. Be brave enough to dig deeper into the situation.
Keep Your Poise
Normally, people quit because they have had enough and have found better avenues. It is a bitter pill to swallow, especially when you think you have given your best as an employer.
Stay calm and do not panic. Yes, key workers are important for your business but it is not the end of the world. The best thing you can do is to personally talk with them and politely ask them to adhere to the company policy of giving enough time to hire and train a replacement. You might also like to negotiate with them to make them stay, but do this without compromising your integrity and profit goals.
Fulfill Your Obligations
When the employee does not change their mind about leaving, make sure to review your legal obligations as an employer and accomplish them. Fulfill all end-of-employment obligations as mandated by law, including payment of accrued wages, disbursement of accrued benefits, and providing required notices.
Work Out for a Replacement
You can either hire in-house through promotion or transfer, or have somebody new get on board to fill in the gaps. If the position can be filled in shortly by delegating tasks to existing employees, do so. This is to avoid rushing the recruitment process. You would want to hire someone equally capable and competent as the one who left.