You are the boss at an excellent startup or company. Things seem to be going great, that is until your best employee files a resignation letter. Naturally, this can cause a fall in team morale around the workplace, but it does not have to be the end.
The first course of action is to make sure that the issue does not escalate and to kill any rumors that are bound to come out. This can be a severe blow to your company, so you must use your leadership skills to control the situation. In my experience, there are four steps involved in what can be called a transitional period for your company which starts with appreciating the departing employee, identifying the reason for the resignation, boosting team morale, and choosing an excellent replacement.
Majority of blog posts on the internet are more concerned about discussing how to keep your top performing employees, but the reality is you cannot cover all the angles. There are a lot of factors that lead to an employee leaving, and many may be for personal reasons such as: health concerns, aging parents, better pay, and inheritance.
If employees are continuously leaving, then that is a different ball game entirely. If this is your case, you are in good hands as evidence points to an internal problem which we aim to help you fix.
A warning sign could be if your employee is asking for more days off. This usually means they are using the time to conduct interviews. Always keep in mind that your employees have the potential to receive better job offers elsewhere, this is why you need to find out what interests them. Motivation is an essential asset in the workplace.
If it is money, check to see if the salary you are offering is paying your best employees competitively. It can be training, work vacations or stretch assignments. As a manager or CEO, be sure to give your star employee(s) private and public recognition. Everyone loves feeling valued. Your star employee could be leaving because they do not feel valued.
Another point is that workers do not leave companies; they leave their managers. If you are the manager, it is time for some self-evaluation. Your most important job is to keep your star employee happy. Recognize what makes them tick. Uncover their comfort zones and set challenges based on this information.
There is nothing a star employee hates more than being included in a team with C level employees. Feed into that ego (as long as it helps the company thrive) by pairing them with similar level employees where friendly competition can help them grow.
Depending on the generation of the employee, the approach must vary. Baby boomers are mission oriented. Millennials work best in teams. Generation X prefers their independence. Traditionalists believe in hierarchy.
Understanding the specific conditions under which each generation works best is the best way to create a competitive workplace with satisfied employees. Using the points highlighted in this article is guaranteed to help you keep your star employee and stop the trend of losing your A-list employees.