The pandemic has made the job market extremely volatile. There have been mass layoffs in many companies, sudden digitalization led to a lot of discomfort on both company and employee fronts.
People also explored online job-seeking portals a lot more than usual to make a shift in their careers. With all of this going on companies have also had to let go off employees with 5+ tenures, and for such decisions to be calculated smartly we have listed 5 things you should keep in mind while retaining or letting go an employee post their resignation:
How long have they served the company
Now the higher the number of tenure years the higher are the chances of contemplating to retain them. With many years of working for a company, the employee develops a loyalty and understanding of how things, processes, systems work. It becomes very less investment of time for the company to explain or train such employees, they almost perform on auto-pilot. But in some rare cases, the employee may not have grown or made any significant progress in their role. In case of employees that have been with the company with not many accomplishments for themselves or the company, the situation of not retaining them can be evaluated.
How much cost will the company incur in case of a new person
Onboarding a new person for a role is a lot of investment in terms of cost and time. The packages need to be worked, the rounds of interviews, the time spent in training this new employee to be able to perform as well as the employee wanting to resign, the overall output being affected, all these things should be evaluated.
Will it result in any kind of revenue loss?
Some employees that deal with clients and have a clientele that works because of their rapport, that’s a situation where an employee becomes a little more irreplaceable than others. Not to overlook the possibility of a new person managing as well as the previous employee, but it is still a risk. The revenue loss possibility should be thought about, and processes to make sure no such thing arises need to be put in place.
What is a common key towards growth for both
If the resigned employee has asked for a hike, which may result in revenue increase for the business in the longer run, then that becomes a good case for employee retention. If there is any little shift that the employee has asked for and is well deserved then it’s a good call to make that shift and avoid the added cost and time involved in hiring a new person for the job.
What is the future with this employee
Senior managers should be able to see the employee and company grow together in the future. If the employee growth has not added to the company growth, or may not add to it in the future then the acceptance of resignation letter may seem like a better choice. Senior managers are people who foresee the challenges and opportunities, so if the employee fits into the larger scheme of things, they should be retained.
These are 5 things to think about while retaining an employee. We hope you agree with us, and if you want to add your points or views please feel free to comment below. You can also reach out to us with your questions by clicking on the contact us button.
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