There comes a time in every leader's career when they must let an employee go. It could be the result of restructuring or that the individual is no longer the right fit for the business needs. Whatever the reason, planning for a termination meeting can cause anxiety and loss of sleep for even the most experienced leaders. What should you say, or not say? How will the employee receiving the news react? How will you handle the transition of the employee’s responsibilities? What security precautions do you need to take?
This past year has been an unprecedented and unpredictable time for both individuals and organizations alike. Lockdowns around the world have forced leaders to scale back or shut down operations and reduce or restructure their workforce. Whatever the reason, letting an employee go is never easy, and if handled poorly, could have significant negative impacts on an organization including brand reputation, litigation, and the morale of remaining employees. It is crucial that companies have a career transition strategy during an employee departure.
Last year, I worked for six months with a client who diagnosed himself with “imposter syndrome”.
He had a number of skill sets, appeared to have a pretty high I.Q., his E.Q. appeared to be way above average and he had a good job that paid well.
People leave their jobs for many reasons and, regardless of why, they all share a few things in common. Individuals in career transition face uncertainty and challenging circumstances that impact their personal, financial and professional life.
How to get a job is always topical; advice on how to land your dream job abounds. But what about the other half of the equation? How can you ensure you leave a job without burning that proverbial bridge? Everyone talks about making the right first impression but what about making the right last impression?
The last few years have been tough for many Canadian organizations. Falling revenues and shrinking profits forced leaders to make difficult decisions about how best to reduce costs, boost productivity and ensure sustainability over the long term. In Canada and around the world, layoffs have been an unfortunate but necessary strategy to remain competitive.
Maybe you saw it coming, or perhaps it came as a complete surprise – either way, losing your job is tough. For many, it can be a pivotal moment in the trajectory of their life. Will you choose to change your career path or seek a similar role to the one you are leaving? How will you avoid compromising your career goals in the face of financial concerns and the inclination to get back to work quickly?
Not to sound pessimistic, but sooner or later, almost everyone has to deal with the implications of being downsized. How people deal with it is as different as night and day. I’ve seen a wide and varied range of emotions and responses from those who experience job loss. How you deal with it can determine how quickly you turn-around and your ability to capture opportunities in front of you.
When dealing with severance for an employee leaving your organization there are a number of issues to consider.
The first and foremost is consulting with your legal counsel to make certain you know what is fair and required by law. Once you have determined how much you are offering then you have to consider how to structure the severance package. I have seen a wide range of severance structures while working with individuals who are provided career transition services, however they tend to fall into one of two main categories, lump sum or salary continuance.