How to prepare for losing a key member of staff

The loss of a crucial employee can have severe consequences.

by Rebecca Smith

All employers dread the moment an important member of staff hands in their notice, but it’s a problem all businesses will have to deal with at some stage. There are of course different reasons for losing an employee - resignation is the most common cause, but none of us are immune to serious illness or even death.

The risk is particularly severe for small businesses. Losing a key team member can have a serious impact on your ability to continue operating, and even be fatal to a firm’s future.  

As an entrepreneur, the odds are you’ll already have enough problems to deal with on a day-to-day basis. Simon Claxton, MD of boutique insurance brokers Macbeth’s Financial Services, says he often notices small firms don’t get round to preparing for the loss of an important employee.

Sign in to continue

Sign in

Trouble signing in?

Reset password: Click here

Email: mtsupport@haymarket.com

Call: 020 8267 8121

Register

FREE

  • Up to 4 free articles a month
  • Free email bulletins

Register Now

Become a subscriber

From £66 a quarter

  • Full access to managementtoday.co.uk
  • Exclusive event discounts
  • Management Today's print magazine
  • Plus lots more, including our State of the Industry Report.

Choose a Package