The banking industry is set to pay out its annual bonuses, which means you can expect a wave of resignations to follow.
Employees leaving is an inevitable truth, and often those who have been considering new opportunities will wait until they have received their annual bonus for the past year’s hard work, and then make the move.
When a member of your team hands in their notice, it can be a stressful time for both parties. That is why it’s essential to ensure that the process runs as smoothly as possible. Often you don’t have long to act, so make sure you are aware of all the steps you need to take.
The following steps provide a chronological checklist to ensure that the offboarding process runs smoothly:
Ensure all paperwork is compliant with policies
Get the resignation in writing and confirm notice period, verbally and in writing. Make sure you inform HR and finance as they may have processes in place.
Decide if you are making a counter offer
This should be a last resort, as often the employee has already made up their mind. If you do decide to make a counter offer, it won’t be easy to convince them to stay. Make sure you understand the reasons they have handed in their notice. If you offer a salary increase to an employee who feels unstimulated, this will only accentuate their negative feelings.
Agree the terms of your announcement to the team
Make sure you check with HR, as there may already be policies in place that determine how resignation announcements should be made.
Try to time the announcement to allow time for employees to adjust and prepare for the departure.
Consider your staffing and recruitment options
Turn a loss into an opportunity to grow, upskill or economise within your team or business. Take some time to analyse where you are now, and ask yourself these key questions:
- Does the team structure need to change?
- Does the role need replacing like for like?
- If there is a gap between end and start dates, how can you overcome an adverse impact on the rest of the team?
- Do you need to replace the leaver straight away?
- Do you need to recruit?
Organise a handover
Don’t just assume that your leaver will be happy to organise a comprehensive handover. It is your responsibility as a manager to ensure that this begins as soon as possible after they hand their notice in.
An employee handover can reduce the risk of lost knowledge, minimise disruption, give the new starter opportunities to ask questions, and increase productivity.
Arrange and conduct an exit interview
Exit interviews are an essential part of the offboarding process, and the data you obtain can be used as a tool to improve your business or team.
Exit interviews are the best opportunity to gain valuable and honest insight into your team and organisation, can help reduce future turnover, and provides closure for both parties.
To help you prepare for when an employee resigns, REED has created a complete offboarding kit to steer you through the process. The pack features a comprehensive step-by-step guide, templates for exit interviews and announcement emails, and a succession planning talent matrix.
Make the most of your offboarding employees and futureproof your business by downloading the kit now.
If you are looking to recruit banking professionals to your business, contact your local Reed Banking office.