October 1, 2014
There's more to a satisfied employee than high pay and flashy perks.
- Before plotting a retention strategy, a company’s leaders need todevelop a plan for turning the company around, and decide whether they’rewilling to stay and do what it takes to achieve it.
- Instead of first looking to make cutbacks, identify the employee"talent" essential to making the turnaround plan work.
- Aggressively "re-recruit" essential talent. Explain their rolein the comeback plan and how they specifically stand to benefit, bothfinancially and in their careers, from the company’s survival.
- Negotiate individually tailored incentives for employees who stay.
- Don’t try to buy retention success. Offer a combination of cash andstock compensation, career opportunities, and flexible working arrangements.
- Try "purchasing agent-style" compensation, in which employeesare rewarded for achieving specific goals crucial to the company’ssuccess.
- Set up an effective internal communication program to make sure thatemployees get reliable, up-to-date news from executives about the company’sturnaround progress. Take advantage of teleconferencing, intranet Webcasts,and other communications technology.
Workforce, November2000, Vol. 79, No. 11, p. 60 -- Subscribenow!