Why the loss of valued employees can be an invaluable lesson

Every workplace has someone that everyone loves. Whether it's their positivity or willingness to offer a helping hand or listening ear, these individuals personify what it means to be a team player.

But with the economy boiling hot and job openings continuing to outnumber people out of work – which happened again in September, as noted by The Wall Street Journal – many of these workplace MVPs are taking their talents and affable personalities elsewhere.

Departing co-workers is like losing a beloved pet: It's not the end of the world, but it sure does hurt, to the point of feeling unfair. Everyone in the office can take it hard and wonder what went wrong. Not only can performances suffer, but workplace morale can weaken as well, feeling like a gigantic puzzle piece has gone missing.

However, these unfortunate circumstances can yield valuable lessons, provided business owners step back and evaluate where things went wrong. Here are a few suggestions for how to recover when key employees leave:

Perform an exit interview
Exit interviews are increasingly common these days because they offer businesses insight into why workers decide to pursue other opportunities. Valuable employees serve as the ideal candidates for exit interviews. As noted by 3COze Inc. co-founder and author Liane Davey in Harvard Business Review, ask the person to be as honest as possible regarding the reasons and see if those rationales can be fixed moving forward. Just be careful not to take their reasons personally. You should also ask follow-up questions that are more generic in nature, such as "What can I or the company do that would encourage current  employees to stay put?"

Parse their words
People have a way of expressing their true feelings through throwaway lines or emphasizing certain phrases, such as "We always do a, b, c" or "My job was so x,y,z," Davey noted. In other words, read between the lines to get a better sense of their raw emotions.  

Analyze their answers
Sometimes people quit for personal reasons and have no bearing on what the company can do to change. However, in instances where adjustments are possible, do what it takes to make those changes possible. It may involve compensation, as according to a 2018 poll from OfficeTeam, 44 percent of respondents said they'd leave their current role for more money elsewhere, far and away the most common reason.

Hold a team meeting
A week or so after a core employee leaves, hold a team meeting. This gives everyone an opportunity to get their feelings off their chest and offers additional insight into the best path forward.

As Benjamin Franklin once said, "An ounce of prevention is worth a pound of cure." At Hudspeth Law Firm, we offer practical, preparatory business advice that can help you get out ahead of retention issues. Our experienced attorneys and staff are ready and willing to help, so contact us today.

Categorised in: Asset & Liability Protection, Contracts & Transactions, Dissolution & Partnership Disputes

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