Every business has key employees. They are generally the people you turn to when there is a problem in your business. They are dependable, reliable and may have been with you for a number of years. So when they hand in their resignation or threaten to take their skills to a competitor, it’s only natural to panic.
So what do you do when a key employee wants to leave your business? Here’s our guide.
1. Were there warning signs?
There are many early warning signs before the resignation such as:
- A drop in performance over the previous 6 – 12 months
- Complaints and whinging – often about minor annoyances
- Arguments with their manager (or you) about how things should be done
These signs indicate your key employee has already disengaged from your business so it’s time for both of you to move on.
2. Review their importance to your business
Businesses evolve and roles change so while an employee may have been critical to the success of your business in the past, it may not be true now. Take stock of all the people in your organisation and the roles they play. You may find you have overlooked a hidden gem that has been waiting for you to recognise their contribution.
3. Can you afford to keep them and what’s their worth to your business?
This may sound mercenary but the reality is, if your key employee is leaving you to chase more money, you may not be able to afford to match the salary being offered. Even if you can, are you setting yourself up to be bullied into pay increases every time a key employee threatens to leave?
Then there’s the issue of their skill level. Does your key employee have the ability and skill level to warrant a pay rise? If they do, why didn’t you increase their pay earlier?
4. Keep it nice. Learn lessons.
At all times, keep the tone of your conversation pleasant. Acknowledge the key employee’s contribution to your business and wish them the best for their future. If you have lost a truly crucial person in your business, identify your mistakes and put systems in place to prevent those mistakes happening again.
If you believe you are seeing signs of disinterest or a lack of engagement by a key employee, seek help to change the situation so you can maintain their interest and loyalty.
Engagement, performance and wage negotiations
Management issues such as employee engagement, performance and negotiating pay rates can be challenging for employers but that’s when End2End Business Solutions can help. They are your outsourced HR department – available to assist you when you don’t know what to do.
To discuss how End2End may be able to support the successful operation of your business, call (02) 89774002.