It is always sad when a valuable employee retires from a company. They may have built many connections throughout the company and become an invaluable asset. When they retire, there are many things to take into account (including executing your succession plan). You ensure to make the employee know how highly you value them and let them know that everyone at the company will miss them dearly. In this article, we go through the steps you need to know for preparing for a valuable employee’s retirement.
Procure a leaving gift
One of the most important things to keep in mind is a gift. A gift allows the person to keep a memory of the company. It should be extra special for a valuable employee. The type of gift you purchase should reflect the nature and personality of the employee.
You can read more about finding the best gifts here. When choosing a gift, there will be many considerations to take into account. It would help if you aimed to personalise the gift so that it remains special for the person. There is nothing more valuable than showing how much a person means to the entire company. A thoughtful gift can be one that considers the hobbies and interests of the employee. Therefore, someone close to them should be involved in the process of buying a gift.
Prepare a speech
Speeches are a great way to reflect upon a person’s achievements and to remind them what a wonderful asset they have been to the company. A good speech should have some lighthearted remarks and be focused on the persons’ character. It would be best if you were sure to mention their personality quirks and give a short yet engaging speech that sums up their career. A well-crafted speech can live long in the memory for many years to come. Therefore, it should be something that is taken seriously. A few people can deliver their thoughts, and it should be those who were close to the employee.
Plan a leaving party
Every valuable employee deserves a leaving party of sorts. It can be a great way to properly say goodbye and allow the staff also to say their goodbyes. It doesn’t need to be overly fancy. However, it should be a way to show your appreciation to the employee fully. A retirement party should be a way to celebrate and acknowledge the employee’s wonderful career. You should be able to express your gratitude for all that they have done, and also provide them with the best wishes for their future endeavours. It is an important next stage in their lives, and they should have positive thoughts for it.
Have a replacement ready
The interview process should be through to promote an employee to fill in their gaps. It is never easy to replace a valuable employee. However, measures must be taken to plan for their departure appropriately. Ideally, the new person would have some experience in the role, and they may even share responsibilities during the transition phase before the employee officially retires. All companies need to move fast and efficiently to ensure that the departure does not affect their performance. One cog can be hugely important, and therefore, everything must be planned smoothly.
Subscribe for entrepreneurial & small business advice
Subscribe to our newsletter for advice and insights on starting, managing and growing a small business in the UK.
It can always be an emotional time when a valuable employee retires and leaves the company. They will leave behind their expertise, but most importantly, their emotional connections which have built up over the years. Goodbyes are always difficult, but you can make a goodbye worthy by following through with these tips. They will ensure that your employee feels valued and never forgets about their time at the company.