Manager of a team the best member of which is leaving can't expect anything else but staring eyes and ears of the remaining team members. He should be prepared for the situation when more people will suddenly want to leave or when doubts about whether everything is all right with the company will arise. How, then, to behave in such a situation?
Consider whether you are not the reason why the employee is leaving
The leaving employee will probably not tell you, so ask openly for the reasons and carefully read between the lines. Try to find out as much information as possible and look for ways to improve in the future.
Consider a counter-offer
The employee who told you he would leave had probably considered his reasons very well. It is, however, on you to consider very well whether it is not only his strategy to achieve a higher salary and whether to offer him a counter-offer. Consider the costs of his departure and decide accordingly.
Show your appreciation
A good employee should leave you with good references and a promise of good relations in the future. Give him a chance to say goodbye personally and thank him for his contribution.
Involve the leaving employee in training his colleagues
The remaining team members should not learn about the departure of a key employee the day he doesn't come to work. They should be informed about what will be expected from them now and prepared for it under his supervision.
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