Get to Know Your Staff One-on-One
Retiring Employees: As your employees become a little more senior, it’s important to get to know them one-on-one. This is a great opportunity to get to know each of them as people, not just employees. You can learn a lot about your older employees by talking to them in their own words. Ask them what their main takeaways are from working for you, and what they think you could have done better. Ask them where they would love to see your company go in the future. This one-on-one time is invaluable and will help you identify areas of potential growth for your company.
Hire Younger Employees
You can also try hiring younger employees, particularly recent college graduates, if you’re feeling stuck with aging veteran employees. Younger employees are often incredibly flexible and willing to work on flexible schedules. Take advantage of their enthusiasm and energy! They may be the ideal replacements for your retiring employees.
Have an Employee Appreciation Day
To brighten the day of an aging employee, try to do something small that means a lot to them. Spend some time taking care of your departing employees. Give your retiring employees glass awards to honor all the hard work they have put in over the years, and maybe even the day off to show your appreciation. This kind of tokenistic gift from you will go a long way towards making their final months as an employee of yours more pleasant and manageable.
Let Go of Existing Relationships
Don’t try to cling to every last connection with your staff just because you love them. It’s better to let go of the past and focus on the future. Let go of your old relationships, let go of your obligation to help your staff find new relationships, and let go of your guilt for feeling. All of that will be going out the window the moment you make your last payment to an ex-employee. If you haven’t let go of your existing relationships, it’s time to start.
Offer Empowering Exit Strategies
If you’re experiencing some Chaos in the workplace, and you’re wondering how you can contain it, this may be the post for you. Letting go of your obligations and relationships with your former employees is the first step to removing the bind that comes with having to make a difficult decision. You can choose any one of these options to let your departing employees know how you’re dealing with their departures:
Payment In Lieu of Securities: This is a common option for companies that are having financial problems. In these cases, the company will simply forego paying accrued but unissued options and pay instead in full or in lieu of something else of equal or greater value. This is a great way to neutralize some of the sting of a leaving employee while still giving them something of equal or greater value in return.
This is a common option for companies that are having financial problems. In these cases, the company will simply forego paying accrued but unissued options and pay instead in full or in lieu of something else of equal or greater value. This is a great way to neutralize some of the sting of a leaving employee while still giving them something of equal or greater value in return.
No Upfront Consideration: If you’re feeling generous, you can offer to give your departing employees a gift in recognition of their service. This could be a gift of cash, a vacation, an entertainment or night out, or anything else you think would be meaningful to your employees. This is a great way to show your appreciation for their hard work and dedication.
If you’re feeling generous, you can offer to give your departing employees a gift in recognition of their service. This could be a gift of cash, a vacation, an entertainment or night out, or anything else you think would be meaningful to your employees. This is a great way to show your appreciation for their hard work and dedication. No Advance Payment of Fiduciary Duty: Another option is to simply let your employees know that you have no legal duty to them and will be following your own fiduciary principles in making this decision. You can also tell them that you’d love to keep them on, but are following your own fiduciary principles and will be following them to the ends of the earth.
Care for Your Ex-Employees
Employee turnover is a fact of business. It happens, and sometimes it’s even something you plan for. But every so often, an employee leaves, and you don’t know what to do about it. What to do? Give your employees the best possible exit strategy. This could be as simple as a note attached to their paycheck. If your employees are leaving your company on a permanent basis, or if they’re moving on to other opportunities, or if you just want to say goodbye and make sure they have everything they need while they’re still under contract, send them off with a note. This will let them know that you care and will let them know that you won’t be a bother anymore.
Wrapping Up
Retiring employees are a fact of business. Recognizing and respecting their leaving is the first step towards containing the chaos that comes with their departure. This article has provided you with a few ways to do that. In the end, your retirement will be a happy and healthy one.