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Typically, an exit plan or strategy is understood in the context of investors and business owners. It’s often used to close an unprofitable business or sell an investment or enterprise. However, the term exit strategy is also used in the context of employees quitting their jobs in search of better opportunities.
How people leave their jobs, sets the tone for their transition into the next role. This is why they should be encouraged to create an employment exit plan, to leave the organization on a positive note. Professionals can either create their own exit strategies or ask employers to help them out.
In short, an employment exit plan is a process that allows professionals to leave their current places of employment as gracefully as possible. The goal is to avoid burning bridges with current coworkers as it may affect their professional development in the future.
Core Elements Of An Exit Plan
There are various examples of an exit plan and three key elements that are common to all.
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Purposeful Professionalism
When individuals maintain professionalism, irrespective of the kind of relationship they share with their current employers, it ensures a smooth transition.
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Efficient Knowledge Transfer
Having a structured process in place allows individuals to outline job tasks, current projects, upcoming deadlines and necessary contacts. Documenting these elements helps in bringing the replacement employee up to speed.
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Structured Communication
One of the most important aspects across all examples of an exit strategy is clear communication, which helps maintain positive relationships even after departure. It allows employees to navigate unintended negative reactions and provides them with a chance to say goodbye.
No matter how an individual plans their exit strategy, it’s essential they consider these factors that can influence their career in the long run.
How To Create An Effective Exit Plan
Two of the main reasons people leave their jobs is that either their current role no longer challenges or interests them, or they want to seek out better opportunities for career growth. Irrespective of the reason, there needs to be an effective strategy in place to work out the decision. Here’s how people can plan their exit from an organization better:
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Defining The Problem
Employees should have clarity about why they want to quit. Is it because they dislike their role, the organization or the industry? Knowing the reason helps identify what they should look for in their next job. For example, if someone dislikes their role but not the organization or the industry they can request a role change. Defining the problem is the most important step in the process.
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Having The Conversation
Once the person is certain about their decision to quit, they need to communicate their decision with the employer. It isn’t an easy conversation to have but it’s necessary to give ample notice so employers can hire a replacement without any hassle. It’s best to practice and prepare before having a meeting with managers or HR.
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Offering Help
Many organizations want departing employees to train their replacements. Individuals might even suggest training or help ease the transition by offering to be a part of the onboarding process. A hands-on approach creates a positive atmosphere, allowing individuals to exit on a good note.
The final steps of an exit strategy are highly important as you execute your plan. Individuals need to ensure their resumes and portfolios are updated. As they source opportunities, they need to prepare for interviews and have the ability to ace them.
How Harappa Can Help
Academic institutions play a critical role in deciding the future of their students. Placement programs offer direction to future graduates, preparing them for the world of work. These programs need not be limited to guiding students in the initial stages of their careers. Institutions can help people put their best foot forward later on in their journeys as well.
Harappa’s Placement Success Program helps institutions prioritize students’ expectations and needs, which is instrumental in helping them get their dream jobs. Powerful frameworks will help individuals create resumes and secure interviews at their most desired organizations. They will prepare for multiple interview formats and find effective ways to connect with potential employers. Most of all, they’ll make informed career choices and approach jobs with enthusiasm. Let Harappa help your students achieve transformative career outcomes. Schedule a demo today!
Explore Harappa Diaries to learn more about topics such as Best Career Options After Graduation, Onboarding Checklist For An Employee & What Is An Outplacement Strategy that is instrumental in helping institutions & organizations.
