Losing a key employee can cripple a small business. That person may hold responsibility for essential tasks, know your clients or be in charge of a large project. If you’re not prepared for the loss, your entire company will be affected by low morale, loss of productivity and an economic hit. Minimize the risks when you take several steps.
Identify Your Key Employees
Who in your organization can you not afford to lose? Which employees keep your company running or boost sales each month? These employees are the ones you need to be prepared to lose. Otherwise, your company is at risk of failing when that person decides to move on.
Develop a Knowledge Management Program
In many organizations, the key employees have important knowledge in their head but not on paper. Develop a knowledge management program that documents this vital information for the next person in the position.
Cross-Train
Instead of resting important responsibilities or projects solely on one person’s shoulders, cross-train at least one other employee in the job or position. That way, you’re not left hanging as you search for and train a replacement.
Hold Regular Update Meetings
Cross-training may not be possible for you. In this case, hold regular staff meetings where you update everyone on the project and prevent your staff from being blindsided if a key employee leaves.
Communicate the Good and the Bad
Improve employee retention and satisfaction when you keep communication lines open. Discussing the good and the bad can prevent small problems from growing and help key employees feel included and valued.
Stay in Touch With a Staffing or Recruiting Firm
If you don’t have a current employee who can step in and take over the key spot, have a staffing or recruiting firm on call. They have access to professionals who are experienced, trained and ready to step in with minimal effort from you.
Conduct an Exit Interview
When possible, interview the employees who leave your company. Discover the reasons for the departure and use that information to improve your salary, benefits package, company culture or other deficits as you prevent the loss of other key employees.
Focus on Current Employees
Even though a key employee left, you still have staff members who need you. Communicate clearly about the departure and discuss the impact it will make on the department or company as a whole. Restructure as needed, too, to keep business going.
Embrace Change
It’s easy to see a departure as a bad thing. However, a new employee brings fresh perspective, business connections and great skills that can improve your organization.
While losing a key employee is not easy, you can make the transition as smooth as possible when you’re prepared.
