The Resignation Process
So one of your best employees hands in their resignation; what do you do? Final exit interviews should be a part of the resignation process. Take the time to find out why the employee is leaving. Better Pay? Burnout? Wants a flexible schedule? Colleague conflict? A personal or family illness? Make sure you identify what the employee's reason is for leaving. Then evaluate and negotiate a positive solution. Accommodate when you can, as it is more expensive to train a new employee than to retain a good one.
Money is Not the Only Thing that Talks
You have a great employee who is being recruited away for more money and it's just not in the budget to match the competing salary. Do you cut your loses or is it still possible to hang on to this employee? Although the odds may be against you, there are still many creative ways to enhance the terms of someone's employment without giving them a salary raise. Offer a job title, more vacation or personal days, first choice on the schedule, or even some free CEs. If you have done the work of creating a solid and supportive work culture that it may be easier than you think to retain this employee despite the better salary offer.
Flexibility is Key
Another way to help retain employees is to offer flexible schedules and job-share options. The world is moving at a rocket's speed, yet mainstream literature and the media are telling us the value of slowing down and enjoying the 'now'. By offering flexible scheduling you can help bolster the prevention of burnout and give a boost to your employee' autonomy.