Resignations in growing businesses rarely arrive without warning. On the surface the moment can appear sudden. A commercial director steps down, a head of product moves on, or a long-standing operations leader announces a departure that seems to surprise the organisation. In reality the decision to leave often takes shape long before the resignation letter appears.

Across many growth companies there is an informal stage that might be described as the shadow notice period. During this phase an individual has not formally resigned, yet their thinking has already begun to shift. They continue leading projects, attending meetings and managing teams. At the same time they may quietly be reconsidering their long term future within the business.

Understanding this period matters more than many leadership teams realise. Senior professionals in scaling organisations rarely make impulsive career decisions. Most take time to reflect. They weigh opportunities, talk privately with trusted contacts and consider what the next stage of their career should look like. That reflection can stretch over several months before any formal step is taken.

In growth companies the timing of this thinking is often influenced by company milestones. Equity vesting schedules, bonus cycles or major project completions can create natural moments when people reassess their position. After a vesting point or annual review, the sense of obligation to remain can soften. It is not unusual for individuals to become more open to external conversations once a particular milestone has passed.

Recruiters and competitors are well aware of this rhythm. Many will time approaches to coincide with these moments of reflection. For leadership teams, the risk is that the internal narrative still feels stable while individuals have quietly begun exploring alternatives.

Equity participation can introduce a second dynamic. In growth companies it is common for senior leaders to hold share options that vest over several years. These incentives can successfully retain people for long periods. Yet they can also lead to a quieter transition in mindset. Someone may begin exploring future opportunities while waiting for the economics of a move to align with their vesting schedule. By the time a resignation eventually arrives, the thinking behind it may have been developing for quite some time.

Cultural signals within the organisation also play a role. Growth companies move quickly. Strategy can evolve, ownership structures can change, or new investors may influence direction. Even when the business remains fundamentally healthy, uncertainty around the future can prompt senior people to reassess their position.

Recognition and workload often sit beneath these decisions as well. Leaders who feel their contribution is overlooked rarely leave immediately. Instead they tend to test the market quietly. Conversations with peers or executive search firms can provide reassurance that their experience remains valuable elsewhere. By the time they formally resign, the decision may already feel settled.

This is one reason departures sometimes appear to happen in clusters. Leadership teams may feel that several key people have left in a short period. In reality the shadow notice period may have been unfolding quietly across the organisation for months.

For founders, boards and HR leaders, recognising the existence of this phase creates an opportunity to act earlier. Retention conversations that begin only after a resignation has been submitted rarely change the outcome. Engagement needs to happen while individuals still feel genuinely invested in the future of the business.

It can also help to understand when the market is most active. Periods following equity vesting events, performance reviews or major funding milestones are often when external approaches increase. Assuming that loyalty alone will prevent departures during these moments can lead to unwelcome surprises.

Some organisations take a more structured approach. They periodically review where leadership vulnerability may exist. Which roles have the greatest impact on growth. Where equity schedules are approaching key milestones. Which senior individuals have not had meaningful career discussions in the past year.

This kind of review is not about assuming that people will leave. It is about ensuring that important conversations happen early enough to matter. When leaders feel their ambitions are understood and their contribution is recognised, they are often more likely to remain committed to the business.

Growth companies evolve quickly. The leadership team that helped build the business may also be the team expected to scale it. Maintaining engagement during that journey requires attention, transparency and thoughtful leadership.

Executive search firms for growth companies often see the shadow notice period from the outside. Conversations with senior professionals frequently begin well before any formal resignation. These discussions offer a reminder that most career moves are not sudden decisions. They are the result of reflection over time.

Successful firms recognise that hiring well is not just about experience, but alignment, timing and intent. Contact Fram if we can ever assist you with insights on the issues raised.

This article is for general information only and does not constitute financial, legal, or investment advice. Fram Professionals provides leadership and organisational advisory services and does not offer regulated financial advice.