4 easy ways to leave a job on good terms

4 easy ways to leave a job on good terms4 easy ways to leave a job on good termsProfessional exits - even by choice - can give us deeply mixed feelings joy about our futures, sadness for what could have been, a feeling of resolve to do things better, and confusion over what we should say about our departures.Heres how to manage it all.Have a plan about your work responsibilitiesWhen you leave, its your anfhrers job to find someone to replace you. But, since an employees departure can be intense, you can leave on a positive note by suggesting some solutions.A Forbes articledetails how to make sure your usual tasks are taken care of when you leave.Life is long, but its still too short to burn any bridges. When you give notice to your boss, the way I did two days later when my boss returned to the office, you have to be ready to say Here are my ideas about who can take over this and that part of my role when I leave. That is the responsible thing to do. Before you give notice, think t hrough the options. You wont be around to implement your plan, of course, and your boss might have different ideas about the way to cover your desk until s/he can hire someone new.Still, the more thought you can put into the question What will happen after I leave? the better the article says.Schedule a chat with HRDont wait until the last minute to talk to your menschlich eesources representative. He or she can go over what you need to take care of in terms of payroll, tax forms, proper documentation, your benefits coverage and more- as well as answer any questions you might have.Set up exit interviewsYour last conversation with your boss should not be a brisk I quit A cordial, professional face-to-face meeting with your supervisor willhelpyour reputation remain intact after you leave the company. Remember this even years of service will save a bad attitude when youre walking out the door. People remember you by the last thing youve done.A conversation with your boss also helps yo u have a hand in how they talk about your departure, which could be important.Vicki Salemi writes about how to be work-appropriate during an exit interview in an article for U.S. nachrichtensendung World Report.If you feel like youve been wronged by the company whether youve been laid off during a downsize or youve decided to leave on your own terms maintain utmost professionalism, even if this means gritting your teeth as you express thanks for working there. Your reputation will follow you wherever you go, so dont let this last interaction tarnish it. That means no profanity, no threats, no ill will and no vengeance. Theres no need to get overly emotional either. You wouldnt break down into tears or be overly exuberant during a job interview, would you? Treat this the same way. Be calm, cool and collected, Salemi writes.Let your colleagues know as soon as possibleWork is not usually a place where we just punch a clock. We also develop relationships. Colleagues you worked with m ight be shocked if you tell them right before leaving- and your work spouse certainly wont want to be in this position.Carolyn OHara features advice from Jodi Glickman, author of Great on the Job and a contributor to the HBR Guide to Getting the Right Job, and Karen Dillon, author of the HBR Guide to Office Politics and coauthor of Competing Against Luck, in a Harvard Business Review article.Email may feel like second nature these days, but theres no substitute for telling people face to face, especially those closest to you at work and those who work under you. If you have a gruppe of direct reports, you owe them the courtesy of telling them in person, says Glickman. The same goes for work mentors, close friends on the job, and peers whose jobs may be affected by your departure. In each conversation, outline whom you plan to tell next and when. Its hard to ask people to keep a secret for you, says Dillon. Feel free to ask them to respect a few boundary days as you tell people. Tha t gives you the time to have more one-on-one conversations without the news getting out, OHara writes.A word of caution dont forget to let others know about your new work once youve settled into your next position Keep the doors of communication open by asking about whats new with former coworkers and letting them know what youre up to now. You never know who youll be working with again, and those old contacts could help you pave a path to mutual success.

IRR or Internal Rate of Return

IRR or Internal Rate of ReturnIRR or Internal Rate of ReturnIRR is a special application of the logic behind NPV or Net Present Value calculations. It is a commonly used concept in project and investment analysis, including capital budgeting. The IRR of a project or investment is the discount rate that results in an NPVof zero. Computing the IRR is a way to analyze an investment for which anticipated (or actual) returns vary from year to year or period to period. Except for debt instruments that yield a constant rate of return over their lives, such variation is the norm. The IRR methodology is a device to derive a single, average compound rate of return from such a scenario. If the actual discount rate (which is the theoretic cost of funds to the company or investor in question) is lower than the IRR, the project or investment should be undertaken. It is the decision-making rule of thumb used when IRR is employed as an analytic tool for evaluating projects or investments. Simple Numeric Example You make a loan of $1,000 to someone. Per the terms of the loan, you will receive an interest payment of 11% ($110) at the end of the first year, and a 20% interest payment ($200) at the conclusion of the second year, at which time you also will receive your $1,000 principal back. Your IRR, or Internal Rate of Return, on this loan, would be 15.1825%. Here is the proof of that result The present value of $110 is $95.50, given a discount rate of 15.1825%. That is, $110 / 1.151825 $95.50 Meanwhile, the present value of $1,200 is $904.50, given a discount rate of 15.1825%. Specifically, $1,200 / ((1.151825)2) $904.50 And, $95.50 $904.50 $1,000.00 Computing IRR The HP12c Financial Calculatoris a classic tool, still in widespread use, for the computation of IRR, or Internal Rate of Return. Moreover, most spreadsheet programs, such as Microsoft Excel, offer the facility to calculate it. Uses of IRR Internal Rate of Return is, as noted earlier, a time-honored to ol in various areas of finance. Ina project analysis, for example, it is often used to determine whether a given project should be undertaken. However, as detailed in the next section, the use of IRR in such a forward-looking fashion has the limitation of being applied to forecasted figures, which may or may not come to fruition.? In a backward-looking fashion, IRR is used to assess the actual performance of investments. Investment funds, particularly hedge funds, habitually quote it as a key indicator of their track records. In general, IRR is a commonly-used metric to assess actual or potential investments in which the returns have varied or are expected to vary over time. In the simple numeric example above, the potential lender is receiving an average compound annual return of 15.18% on his or her money and should compare this to other investment opportunities to judge its desirability. Limitations of IRR Analysis Projected or forecasted returns may not materialize as antici pated. A project or investment with a lower anticipated IRR may be preferable if that lower IRR can be earned on a larger principal amount. For example, an opportunity to earn 30% on a $100,000 investment brings greater absolute rewards than 40% on $1,000. A project or investment with a lower anticipated IRR may be preferable if that lower IRR can be earned for a longer period. For example, earning a compounded 30% over four years, which nearly triples your investment, arguably is a better alternative than earning 40% for just one year and having highly uncertain prospects for reinvestment after that. The overall IRR of an investment portfolio is not the average of the IRRs on each project, security or investment therein. Rather, the overall IRR of a portfolio with high initial returns of capital typically is greater than the overall IRR of a portfolio in which most gains come later, even if the latter has greater total gains over time. Thus, private equity managers often seek to pr oduce a higher IRR on an investment portfolio by cashing out winning investments early while keeping losing investments longer. Also Known As-Internal Rate of Return, Hurdle Rate, Compound Rate of Return, Compound Interest.

Steps to Create a Career Development Plan for Employees

Steps to Create a Career Development Plan for EmployeesSteps to Create a Career Development Plan for EmployeesThe Society for Human Resource Management (SHRM) identified 18 conditions that must be present in the workplace for employees to experience engagement. Then, employees rated their overall satisfaction with each of these factors in their workplace. Four of the lowest rated seven conditions that must be present for employees to experience engagement were related to training, professional development, and career development. This shows that the growth and development needs of employees are leid a typical priority in many workplaces. Yet, when employees identify the factors that they must have from work, career growth and development is one of the top five. A career development plan is a win for employers and employees. The plan focuses on the employees needs for growth and development and the assistance the organization can provide so that the employee has the opportunity to gro w his or her career. In addition to growing their career, employees are also interested in developing themselves both personally and professionally. Creating a Career Development Plan You can create career development plans with your employees by taking a few simple steps. For career development planning to be effective, expand your view of development and that of your employees. An outside training class is not the only way to develop employees. Thedevelopment that is provided in-house is often more effective. Here are some ways to create a plan Tell the employee that you want to meet with him or her to discuss career development plans and hopes. Ask the employee to think in advance about his or her options for growth and development and how they see their career unfolding in your company. Encourage the employee to think about how theyd like to see their careers progredienz.Suggest that the employee think about and come prepared to discuss these questions What professional job or career growth goals does the employee hope to achieve within three years? What would the employee like to accomplish this year? Offer opportunities for the employee to consider as options to accomplish these goals. Prepare recommendations on what the employee can do to ensure that he or she is making progress on his career path. Determine and discuss resources and support the organization can provide so that the employee can accomplish his or her professional job or career growth goals.Determine what professional and personal goals will help the employee improve or develop great performance in their current job. What additional support can this organization provide so that the employee can accomplish these goals? Hold a meeting with the employee to discuss these questions and formulate a plan with the employees involvement. Be flexible because the employee may have other avenues that he or she wants to discuss. As a manager, your job is to know all of the options available to the employee such as job shadowing, mentoring, and coaching on particular skills.Make sure that youre up to speed and can talk knowledgeably about all of the training and development options that exist for your reporting staff members. Many employees dont consider development in any other sense beyond taking a class, and it helps to share with them all of the additional available options for training. Create and fill out a form that details the employees career development plan and turn it into Human Resources for review, additional input, and filing. Carrying Out the Plan Employee development is a great concept but is not without issues. The best plans keep the responsibility for follow-through squarely on the shoulders of employees. Otherwise, if an employee does not complete his development opportunities, he may choose to place blame on management, which is counter-productive for all of the involved parties. Steer the employee in certain directions, but dont do the work for him. Make it the employees responsibility to find a great class in listening if hes a poor communicator.If it turns out to be a poor choice, the employees responsible and if it doesnt produce the desired results, cannot place blame on anyone else. Both the Human Resources department and a manager can help the employee explore his or her options, but the employee is ultimately responsible for the choice and follow-through.If the employee finds what he thinks is a great development opportunity, he is responsible for selling the company on the idea. Working with the experience of the HR staff to select excellent vendors and avoid low-qualitydevelopment opportunities is the responsibility of the employee. HR has the experience the employee needs. Things to Avoid in Career Development Planning There are certain issues and statements that you would want to avoid as you and the employees who report to you create career development plans. A few types of issues can get in the way of an effe ctive plan, such as Guaranteeing or forming a contract with the employee by promising that the company will provide training or any other promised benefit. The best that you can do is to say that you will help however you can, but that the company growth, economic circumstances, priorities, and goals will have an impact on the employees desired developmental path, promotions, and career goals. Nothing is guaranteed.In states such as Michigan where laws are interpreted literally, you want to avoid statements that over-commit the employer. For example, at a small manufacturing company, HR put up a career opportunity bulletin mainboard in the lunchroom. The company attorney advised them that the board implied that employees were promised careers and asked HR to call the board job opportunities board instead. Know your state and international governmental laws. The manager owning or having responsibility for carrying out the plan. The career development plan belongs to the employee. You can facilitate its pursuit, explore options with the employees, provide opportunities for the employee when possible, encourage the employee to have goals for growth and expansion of his or her career and skills, but you cannot do it for them. The employees must own their plan.Overcommitting your time or resources. As much as you are devoted to helping the employees who report to you grow, you have a limited amount of time available to help, in addition to the rest of your job. For example, unless you are already aware of a great class or resource, researching options for the employee to develop skills is not your job.