Put a backup plan in place
Ideally, you should always have a backup plan in place in case of sudden illness or other emergencies, but if a key employee's instruction on departure or give notice, you must immediately come up with a plan to Have others handle their duties. High level managers and potential substitutes must understand every aspect of their role.
A large part of the substitute plan is documentation. Everything each employee works on must be part of the public manual, the calendar, the to-do list or the file. This documentation should include contact information for outside parties as well as an explanation of how Excel macros, computer programs or other shortcuts are created by employee work.
The plan should also include a clear list of priorities, so the remaining employees are not overwhelmed and know which tasks should be precedence over the existing work.
Consider information security
Key employees often have access to bank accounts, important computer systems, and online services. Although the case for intentional violations or information theft is very rare, it is the best practice to remove their access as soon as they don't need it anymore.
In addition to removing access, you have to make sure you defend it. For example, other employees may need to be given a check-signature authority to maintain a two-signature check system. If an employee departs to sign up for an online service, such as analyzing your website, using a corporate email, make sure he transfers the credentials.
Remove final salary and profits
The employee departs entitled to the payment of their final salary and any benefits earned, such as unused holiday days. Payment for additional bonuses depends on your employment agreement and local law.
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State law also sets a timeline for making payments. You will generally have what would be a payday routine if the employee has stayed with your company. Many companies prefer to have a departing employee mark for their last salary personally on their last day. Work with bookkeeping services to calculate the final amount.
Update your financial statements
If an employee has acquired stock options or pending compensation, the accompanying costs and obligations may appear to have been recorded on your book. If the departure triggers a golden parachute or other contractual term, compensation because it may be just a footnote — if included in your financial statement at all.
Instead of waiting until the next period of the report, your current guardian's letter immediately makes a proper journal record to reflect all the financial transactions that occur with the employee's departure. This gives you a warning in advance in case you need to explain or adjust for the shift in profit caused by any payment.
Notify Investor
Most employees are considered reimbursed, and their departure may not be considered material for investment decisions. However, there are exceptions. One example of departing a prominent scientist whose departure would disrupt his research was considered central to the operation of his company.
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However, as a best practice, you should send a release informing your investor about the departure of every key employee. It can help calm the fears of turmoil or clashes in your ranks and prevent investors from considering pulling their support. It's also a good way to keep investors informed about what's happening within your company and to let them know how you plan to grow forward.
Hopefully the article about Steps to take when a key employee leaves can help you.