10 Best Exit Management Strategies in 2022
- September 8, 2022
- Posted by: Chukwuyem Mokwunye
- Categories: Employee Management, For Employers, General, Talent Management
You’ve most likely heard a lot about how to get a new employee started, but it’s just as important to have a smooth exit. The employee exit management strategy doesn’t just make sure that the person leaving is happy; it also makes sure that his or her leaving causes as little trouble as possible. After all, you don’t want to be running around trying to figure out where the keys are, how Martha did her job, or what happened to Josh’s company-issued laptop!
At Proten International, we believe there’s a lot more to say goodbye to a team member. Our step-by-step employee exit management strategy will help you make an offboarding process that takes care of most, if not all, possible problems.
What is Employee Exit Management Strategy?
Unlike employee onboarding, employee exit management strategy is the process of removing an employee from their job at a company. This can happen when an employee quits or when they are laid off.
The onboarding process is like getting on a plane and helps new employees get used to their new jobs. The exit management process is like getting off a plane and gives employees a structure for leaving a job.
Why Should HR Leaders care about Exit Management?
A well-planned and smooth exit management strategy is key to maintaining:
- Data security
- The reputation of the company
- Positive company culture
When exit management goes well, the employer and the employee who is leaving can keep a respectful relationship during and after the business relationship is over.
How can a smooth exit management strategy improve the culture of a company?
A good exit management strategy helps both the employee who is leaving and the other employees. Also, it lets the employee leave on good terms and keeps employee loyalty and engagement with the company.
A friendly way to let someone go also leaves the door open for “boomerang employees,” or people who want to work for the company again in the future. This shows that the company is so good that it’s worth coming back for.
A thorough exit management process that takes into account the well-being of all employees, including those who are leaving and those who are staying, can make the transition period easier for everyone and build a company culture that promotes health and happiness.
What are the best exit management strategies?
Normalize taking these strategies while coordinating exit management on an employee:
1. Make an exit management checklist
This step is the most important because if you do it first, you won’t forget any of the others.
Before you do anything else, think about the employee’s role in the company and what kind of employee termination is happening. Then, make a list of things to do and paperwork to finish.
2. Get a written resignation.
Regardless of how the resignation is first announced, the first step is to get a written resignation. The chances of anything strange occurring are slim, but you should document everything just in case. Request that they confirm their resignation and their final day.
3. Confirm their resignation date.
Confirm departure dates with your management and HR.
Once you get written confirmation, tell your management and HR. They’ll all need to start procedures to prepare for changes.
4. Schedule the final payroll
Furthermore, HR can make the necessary adjustments to your payroll system.
If you’re handling this, make sure it’s proper. Nobody wants a last paycheck dispute or mistake.
States have varied final paycheck requirements. On the employee’s final day, it must sometimes be provided via check. Your payroll provider should list all your criteria.
5. Transition and change priorities
Sometimes it’s simple. In others, it’s the hardest step.
Depends on the employee’s seniority and specialization.
For a regular individual contributor, look through their current projects, assess what’s high-priority, then shuffle those projects onto other people’s work queues. Don’t overload the staff with excessive tasks. If needed, the squad may stretch. Then go back to a regular job.
6. Announce departure
Next, before delivering the news, I’ll ask the leaving employee how to phrase it. People are sometimes thrilled to announce they’re joining a new organization or endeavor. In other circumstances, they stay quiet. I always frame per employee request.
If they choose to keep things secret, I’ll explain that the employee is moving on to greater and better things, and we wish them success. If somebody asks why that individual is going, I’ll claim I can’t explain.
7. Exit interview
On many teams, departure interviews are tiresome “check-the-box” exercises.
It’s the most important component of exit management for me.
The HR purpose is to diagnose the employee’s reasons for leaving, like a project post-mortem. I’m addressing a couple of questions:
- How could I have kept the employee as a manager?
- Do procedures or systems encourage employees to leave?
- Did we provide a growth path and adequate support?
- Were we wrong when you were hired?
- Should I be concerned about internal rifts?
Turnover is a huge cost for any business, and I think it’s a sign of bad management. The more I know about why someone is leaving, the more likely I am to be able to stop them from leaving again.
When an employee resigns, I don’t immediately address these issues. News is too fresh. By performing the exit interview a few days later, I can accept the resignation and be more unbiased when determining the reason.
In bigger firms, HR handles this. I advocate exit interviews even for small companies.
8. Send a goodbye message.
On the employee’s final day, kindly send another goodbye. The news has already been disseminated through email or team meetings, so I choose an informal method. It’s a remembrance and farewell for the squad. Slack works wonderfully for goodbye announcements.
I thank the staff and wish them well. The rest of the squad usually joins in.
9. Close account, gather equipment
On the final day, close all employee accounts to avoid security issues. Contact your G Suite Admin to shut off and forward their email.
Your timezone shuts off at 5 pm. If you’re remote, utilize the company’s regular timezone or the employee’s.
Remember to collect the employee’s corporate equipment.
10. Store employee info, open communication channels
Having friends is always better than having foes. So tell your employee who is leaving to keep in touch. You must also make sure that your records are complete and put away so that you can look at them again if you need to.
- Confirm contact details.
- If you have one, tell the employee who is leaving to join an alumni network.
- Complete the employee records and keep them in a safe place.
Finally, at Proten, exit management of any employee is never an easy task. Besides the fact that it’s a farewell, there are a lot of things to do. From transferring company data and equipment to settling financial accounts, I hope this blog has helped you understand what needs to be done to handle an employee’s departure in a way that doesn’t hurt anyone.