All types of employees across all types of industries dream of that magical day when they can retire and reap the rewards they have been storing up for decades . So , employees retiring is nothing new . But when a star employee is about to retire , some companies can get nervous because of the obvious increase in difficulty in filling their shoes .
Business analysts say that , if the employee was integral enough to a relatively small company , the retirement of a star employee not handled properly can sink the company . Read on to learn some tips on what you can do to get ready for the inevitable : a star employee retiring .
Most people have heard the phrase “ the best defense is a good offense .” That applies in this scenario in the sense that the best way to keep your star employee from wanting to retire too soon or thinking about retiring too often is to take care of them . Keep this person challenged and motivated , make them feel appreciated and respected , and provide as much mentoring as possible . But again , even if that is done perfectly , it only delays the inevitable of them retiring at some point so , the other best thing to do before they even say anything about retiring is to have a succession plan . This key step will influence other tips . A great succession plan details such things as likely replacement ( s ), who will complete the tasks of the star employee while the replacement is being hired / trained , and how to document as much of the star employees ’ experience as possible .
The next thing to do , after the star employee has officially told the company they plan on retiring , is to not try to talk them out of it . Many companies and CEOs panic and do the exact opposite , often with huge bonus or pay increase offers , but that typically only makes the situation worse because then the employee will wonder why they weren ’ t receiving that compensation up until that point . Most star employees have already made up their mind at that point too so , such lucrative offers are just wasting time . It is best to avoid these things and play it cool if you have a great succession plan as mentioned above .
Lastly , don ’ t drag out the coming retirement . If the employee gives 2 weeks ’ notice , make the most of that time to increase the probability of it being a smooth transition to whoever will be stepping into that employee ’ s shoes ; whether it be one or more people . Unfortunately , some employees may try to use their retirement as a bargaining chip . Not hesitating and immediately moving forward will show that the company ’ s leadership possesses confidence .
12 WWW . RSSM . BIZ | United States Staffing Association WWW . RSSM . BIZ