Don’t allow the departure of an employee derail your entire financial services team. Follow these strategies for managing and dealing with a resignation.
If you head up a financial services team and a key member of your team suddenly resigns, you’re obligated to put on a brave face for the rest of your group. That’s what managers do, after all; grace under pressure is one of the calling cards of a leader. Unfortunately, you may find your resolve tested by the havoc that often ensues after the loss of a valuable employee.
But you don’t have to panic. Addressing the situation proactively and taking the following measures can help to minimize the impact of an untimely resignation.
Craft a transition plan
Once a member of your financial services team has announced their plans to move on, you will likely have a short grace period – typically a few weeks – to figure out how to transition the employee out of the organization. You can also use that time to determine how both you and your company can adjust to their absence.
Set up a formal conversation with the outgoing member of your financial services team, along with any other relevant supervising staff. Ideally, this meeting should be convened a day or so after your employee has given notice, so that you’ve had some time to compose yourself and recover from the news. During this meeting, discuss ways in which the employee can finish up their outstanding work and, more generally, make their remaining time with the organization meaningful for both them and the company.
You might use this discussion to get to the bottom of your outgoing employee’s reasons for leaving, on the basis of which you will need to decide if a graceful exit is even possible. For example, if the employee in question is leaving for another opportunity because they feel burnt out, apathetic, or resentful (due, perhaps, to an overly demanding workload or environment), you may need to adjust your expectations about their ability to finish up their work; consider assigning it elsewhere.
To manage the transition for the rest of your team, speak to your fellow managers about how you can optimally redistribute tasks, restructure the unit, or assign promotions. Be as realistic as possible – significant changes are sure to lie ahead.
Discuss ways in which the employee can finish up their outstanding work and, more generally, make their remaining time with the organization meaningful for both them and the company.
Consider hiring a short-term consultant or contractor
Losing a member of your financial services team can throw even the most high-performing group off balance. As such, you may find yourself struggling to reassign the work left behind by the departing employee; perhaps you lack employees with the right skillsets to fill their soon-to-be empty shoes.
In the short term, hiring a new financial services team member may not be a feasible or appropriate solution. Hiring a consultant or financial services contractor, however, can be an effective interim measure. The right contractor can lend support to the team, boost morale, and ensure work continues to be completed in a timely manner.
Be as realistic as possible – significant changes are sure to lie ahead.
Open up a team dialogue
Whenever someone from your financial services team departs, morale among the remaining employees can suffer. A sense of resentment towards management may surface from your staff for letting one of their own leave. It may not be long before others consider following suit.
To nip these possibilities in the bud, hold a team-wide meeting immediately after the employee has departed. Don’t dwell on the past; there’s little to be gained by focusing on why they left. Rather, discuss and develop some hands-on solutions for moving forward.
It’s never fun when one of your employees resigns. But with some consideration and planning, you can brace both yourself and the rest of your team for the impact of their departure.
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