In a previous post, we discussed the surprisingly common issue of executives leaving their job on bad terms. According to research conducted by Heidrick & Struggles, just 16% of senior executives surveyed reported that they would have done nothing differently the last time they voluntarily resigned from a position. That, of course, means that 84% wish they had done something differently.
In an article for Harvard Business Review, Kelly O. Kay, the global managing partner of Heidrick & Struggles’ Software & Internet Practice and co-leader of the firm’s global mobility sector based in San Francisco, discussed the findings and some of departing executives’ most common regrets.
Failing to Consider Immediate Termination Upon Giving Notice
Executives are obviously integral parts of a company, and their loss may be taken personally by those receiving the news. Many executives are caught off guard by the backlash that comes when they submit their resignation, and many are summarily terminated on the spot. Termination upon resignation isn’t necessarily out of spite either.
As we mentioned in our previous post, as one climbs the corporate ladder, there are fewer and fewer comparable or better positions available for lateral or upward moves. This means leaving one company to work for a competitor is an increasingly likely scenario, if for no other reason than the number of available roles in the industry.
“Almost all of a representative sample of senior executives and chief human resources officers we interviewed to supplement our survey said that someone leaving for a competitor would be terminated immediately,” said Kay.
Not Practicing the Resignation
Despite the glee and enthusiasm with which TV and movie characters quit a hated dead-end job, resigning from a position is typically uncomfortable for most executives and professionals. It can be tempting to treat the situation like ripping off a bandage to get it over with as quickly as possible.
But that can easily backfire, resulting in miscommunication and hard feelings. Instead, it’s advisable to practice and rehearse what you will say when giving notice, including reasons for leaving and how to respond to a counteroffer.
Not Considering Fallout
Any employee departure has impacts and consequences. Other team members might need to take on additional responsibilities, customer relationships could be impacted, etc. With executives, those impacts and consequences are greatly magnified and can also include external impressions of the health of the company.
Imagine seeing on the news that a Fortune 500 CEO has quit his or her job! Kay recommends that executives contemplating departure consider both the timing and the relationship impacts of their decision to ensure they don’t overlook potential fallout from the announcement.
Many, if not most, employees dream of attaining an executive position, but those positions also carry tremendous responsibility, and the implications of seemingly every decision can have unexpected ripple effects, including a resignation.