Every business experiences turnover. Even engaged employees will move on from jobs they’ve loved for new opportunities, personal or professional. Millennials are some of the biggest culprits when it comes to rapid turnover. Forbes reports that most employees stay in their jobs about 4.4 years, but millennials expect to change jobs in fewer than three years.
Much of the reason for this is economics; millennials graduated in a tough economy and many take short-term internships and jobs that don’t use all their skills in order to earn an income. They hop to new jobs in an effort to move up the career ladder and in search of career fulfillment.
Companies need to protect themselves from the inevitability of employee turnover. Without a strategy in place, keeping operations running smoothly can be a struggle. There may be gaps in the knowledge needed to complete a project, and remaining employees often have to pick up extra work to cover for the departed employee, which can lead to lower morale. Make sure your plan covers knowledge transfer, staffing issues, and administrative tasks.
Don’t allow one employee to be the only person who knows how to perform a crucial business function. Instead, make cross-training a part of your normal business process. The plan and associated documentation for every project should be online in a shared folder so others can access it.
No matter how much you’ve documented during normal operations, make sure knowledge transfer is a major part of departing employees’ final weeks on the job. Review the projects they’re currently working on, and schedule sessions to train other employees to pick up those responsibilities.
Begin thinking about how to replace departing employees as soon as possible. Prepare standard job descriptions in advance, but remember that it’s sometimes quickest and cheapest to replace an employee with an internal transfer, so spread the word about any openings among colleagues in other departments.
Don’t forget to perform administrative tasks that are important for security. Make sure the employee returns all company-issued devices, such as laptops and cell phones. If you allow access to corporate systems from personal devices, you should be able to remotely wipe company files. Have a process for disabling the employee’s access to email and other business applications.
Human resources should conduct an exit interview with employees before their last day. Departing employees can offer valuable insight that helps you improve the environment for employees who remain. If you handle this well, a departing employee can actually benefit your business.