When to let go! a management perspective.

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So you have started your business and the team you manage are high performing and dynamic. Then just as you start to plan the next phase of growth the unthinkable happens, one of your key players resigns.

What do you do? The first step is to understand why. There are a number of reasons for a person resigning. Once you understand the reason you can look at options to try and retain your valued employee but you must take the time to sit down and really dig down to discover the underlying reason.

More money: Unless a person is grossly underpaid in a role, offering more money will only retain the employee for a limited time. Explore areas of being undervalued as an employee or possibly that the skill set now being offered by the employee is greater than the scope of responsibilities in the role.

Boredom: I remember employing a superstar straight from university into a role as a receptionist. My employee was bright, ambitious and keen to learn. After two year in the role, with added responsibilities along the way, she had outgrown the role and vacancies within the company did not match her career direction. In circumstances like this do not be afraid to send them into the world with your blessing. If you can introduce them to a client who is looking for someone similar then do so. Keep an eye on them, catch up at least twice a year and when the time is right bring them back into your business.

Poor working environment: Whether it is work life/ home life balance, poor management or some other reason, this should set alarm bells ringing. If you have one employee who is so disenchanted with your company they have resigned, you probably have more. The company I work for send out annual surveys to all employees asking for feedback. Each year we measure how engaged the workforce is and what we can do to improve. When an employee leaves the business the HR department carry out an exit interview. For a small SME where there is no HR department it is important to get independent feedback. Try talking to your recruitment provider about the additional HR services on offer, accept the feedback and act upon recommendations of change.

Remember that your people are your greatest asset. You spend as much waking time with them as you do with your family. You will argue at times, laugh, cry and celebrate success. A thank you goes a long way. Push your team hard but know when you need to back off. Reward achievements, celebrate milestones and immerse yourself in the team. Work alongside, not above.

Together you will achieve great things and your staff will stay loyal.