Any time an employee leaves, your business risk increases.

This risk not only includes data and financials, but also other assets—your company property (both physical and digital), current employees, and bottom line. 

Protecting these assets requires preparation. Employee offboarding is often overlooked, especially in small businesses. Most don’t have a process in place to handle employee exits. It’s something you hope you won’t need, so it is pushed to the back burner. But the reality is turnover is inevitable. It will happen. Employees exiting your company can be abrupt and disruptive, but planning ahead will protect your company assets.

Here are a few tips on how to protect each of these asset categories:

Property

Your company procedures should include having an Asset List for each employee. This list should include all physical property the employee has (laptop, phone, badge, credit card, etc.) and digital property the employee has access to (email, software, digital files, etc.). This will expedite knowing what property needs to be gathered when an employee leaves, and what passwords need updating.   

Current employees

Your team is your most important asset. Keep communication a priority when an employee is leaving. Quitting can be contagious. Someone leaving may cause others to question if they should leave. Don’t give them a reason to. Remember the importance of a healthy company culture. 

First, only communicate what is needed, and keep it professional. Protect your team from drama, or negativity that can come with an exit. 

Second, ensure your team that you’re working to fill the vacant position. Acknowledge and reward those who take on additional responsibilities during transition. Don’t overlook the need to adjust their current goals or output due to taking on an additional workload. 

Bottom line

Loss of productivity is a considerable risk when an employee leaves, especially for a small business. Protecting your revenue stream during any transition is important. In order to keep your productivity high, cross-train your team and have SOPs in place for your main business functions. Both of these strategies will keep the wheels in motion when an employee leaves. (They will also benefit you greatly when onboarding a new hire.)

Don’t neglect to communicate externally when an employee leaves. If the individual regularly works with or is the point of contact for clients or vendors, keep them in the loop and ensure they are transitioned to a new team member well. 

While you cannot always predict when a team member decides to leave, you can prepare for it in advance. This preparation will allow for a smooth transition. Having processes in place before your employee tells you they’re leaving is key. Take the time to ensure these processes are effective and efficient.

Want more strategies on how to handle employee exits? Download The Exit Process Toolbox.

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