FThe choice to terminate an employee is always a difficult thing for a manager to do. Firing a financial candidate can be even worse because these are people that are intricately aware of the financial status of a company and could do some serious damage if the termination is not handled properly. If you are considering terminating a financial employee, here are some mistakes that you could be making.
Basing the termination on one event.
People make mistakes. Sometimes these are situational and sometimes they come out of misinformation. Before you fire your financial employee, take the time to find out if the performance error was caused by carelessness or some other reason.
Not giving the financial employee a chance to speak.
In their haste to terminate an employee, sometimes hiring managers do all the talking and don’t give the financial employee a chance to share their side of the issue. Termination can and should be the very last option when working with an employee. Give all employees a chance to redeem themselves and clear up any misunderstandings.
Making the termination too personal.
Financial employees are often terminated due to conflicts with other workers or simply because they are not performing well. Any termination can be emotionally charged. Therefore, a manager should be very careful to avoid allowing the termination to become a personal matter, instead of the results of their work performance.
Forgetting to explain termination procedures.
In many organizations, when employees are terminated, there are a series of procedures that must take place to protect the company and well-being of other employees. This may include eliminating or reducing the employee’s access to financial records and computer applications, requesting any and all employee records, escorting the employee off the property, and wrapping up payroll and benefits requirements with employee.
Employee is terminated for an illegal reason.
Employees can never be fired for reasons like:
- Reporting unsafe working conditions
- Giving unfavorable feedback in an employee survey
- Discrimination based on age/sex/national origin/disability, etc.
There are many factors that may lead to an employer feeling concerned about an employee, but their termination should only ever be based on the quality of their work and their commitment to their job.
Before terminating a financial employee, it may be best to speak with a corporate lawyer. After you’ve let the employee go, contact Venteon Staffing for a quality replacement employee.