Many brokers can identify with having a ‘star’ employee – that one person who brings in phenomenal business and receives glowing referrals. But what can you do when they hand in their shock resignation?
Many brokers can identify with having a ‘star’ employee – that one person who brings in phenomenal business and receives glowing referrals. But what can you do when they hand in their shock resignation?
According to Sequioa Capital founder Don Valentine, the loss of a star can be quite a disruption, and the issue is certainly one to address. For this reason, it is best practice to be prepared and ready with a plan when top employees hand in their resignation.
Reflect on what caused the resignation: Is it the result of a management issue? A poisonous team member? Create a space for the departing employee to talk freely about his or her reasons for leaving. Doing so may very well prevent future attrition. Reflect on internal operations and explore where company policies and management styles can be improved.
Explore the possibility of a counter-offer: The problems with counter offers are well documented, however some experts believe if done currently, counter offers can be worthwhile. After ascertaining the reasons behind the resignation, sometimes the offer of a salary increase can rectify the main issue, but it should also not be considered a retention technique.
Show your support: The best organisations wish employees well and especially so in cases where these employees will be leaving for better opportunities. It’s important to demonstrate to remaining staff that the departing employees’ contribution was appreciated.
Stay positive: Be positive when communicating the news to employees. It’s integral to acknowledge the loss for the company and convey your appreciation for the employee’s efforts. Let your employee say his parting words and immediately get into action to put your team into transition.
