This post is written by Elena Bajic, Founder and CEO of IvyExec.com, an online community linking top tier professionals with prescreened executive jobs.
I had a dream team -- two handpicked directors and three handpicked analysts – all company rising stars primed for an 18 month+ rotation in the Office of the CEO. Following the rotations, promotions and increased responsibility in the areas of their choice were pretty much guaranteed. The team was humming. Work was happening. We were moving the needle versus our objectives. The boss (as in the CEO) was pleased but was relentlessly pushing more assignments our way.
And then, one of the directors resigned to attend law school, leaving a huge gap on the team. It was totally unexpected.
As a manager, once you mentally move beyond the “loss” of a key employee, you need to regard turnover as a prime opportunity to:
- Refine your team/company’s approach to delivering work,
- Reallocate responsibilities and increase efficiencies,
- Give other team members growth/stretch opportunities,
- Make organization changes you were deferring/avoiding.
When turnover happens, your team/company can actually benefit all around if you plan ahead, proceed methodically through the transition period, and remain flexible, keeping an open mind to options and alternatives. Here are some steps that can help you make the best of turnover instead of letting it get the best of you…
1) Plan ahead for turnover: No single team member should have a knowledge base or skill set that is so specialized and concentrated that the employee is “indispensable.” Cross training should be business as usual for all employees on a team/at a company. Cross training ensures that vital functions have coverage during key employee absences, provides growth opportunities for the entire team, and in the event of turnover, ensures that key accountabilities can be covered during the transition period. This step is probably the most difficult step to execute because there may be no immediate benefit, but there will be an immediate “cost.”
…And when turnover happens…
2) Evaluate the impact on your team/company’s ability to deliver versus objectives:
- Can you continue to deliver versus your team’s accountabilities?
- Do you need to re-prioritize your accountabilities?
- What accountabilities are essential?
- What accountabilities can be deferred?
3) Determine if reallocating responsibilities across the team at large can bridge you until you can rehire.
- If so, then determine how best to reallocate responsibilities.
- If this is not feasible, consider whether a temporary contract employee combined with responsibility reallocation might see you through.
4) Once you’ve reallocated responsibilities and the team has stabilized, you need to reassess IF you really do need to fill the open position.
- If you do need to fill it, do you need to fill it with a similar profile hire?
- Or, would a different profile hire better meet your team/company’s medium to long term needs?
There is no doubt about it, turnover can be difficult. It can and will disrupt your team/company’s productivity short term. But, if you approach it methodically and with some flexibility, the probability is high that your team/company will be stronger, medium to long term. As counter-intuitive as it may seem, turnover could be just the opportunity you need as a manager to take your team/company to the next level.
This is a guest post contributed by the Ivy Exec Blog. Ivy Exec is an exclusive site where pre-screened, high caliber professionals find relevant job opportunities with leading companies.
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