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Key Employee Retention Strategies
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Key Employee Retention Strategies
Discuss workforce management, performance management, retention, communication, motivation, contributing to business results and other topics.
Could you please share some of your strategies for retaining key employees?
I am familiar with one strategy, retention bonuses. When retention bonuses are used, are they typically added to base sal
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Forums » Topic Forums » General Forum » Key Employee Retention Strategies
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Key Employee Retention Strategies
posted at 8/24/1999 8:25 PM EDT
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Posts: 2
First: 8/24/1999 Last: 8/26/1999 |
Could you please share some of your strategies for retaining key employees?
I am familiar with one strategy, retention bonuses. When retention bonuses are used, are they typically added to base salary, paid as lump sum, or paid in installments over time? What other retention strategies work well? Thanks, Kevin Kramer |
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Key Employee Retention Strategies
posted at 8/24/1999 11:40 PM EDT
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Posts: 3
First: 8/23/1999 Last: 8/24/1999 |
I have had much success with employee recognition programs. They have been very appreciated and highly effective. Many job satisfaction surveys will place recognition high among employee needs. In fact, it often places higher than salary!
I feel that in any recognition plan, it is important to include many different categories of awards. The idea is to include many different types and and levels of employees so everyone can feel that they have a chance at receiving one. I also like the idea of including some kind of monetary incentive, or a gift of some type, along with the award. One consideration in developing an employee recognition plan though, is to be absolutely sure that it's very structured, and disciplined in its execution. It must be fair and consistent. There cannot be any question as to the plan's purpose and validity. Guidelines should be thoroughly thought out and strictly adhered to. Another idea on retention is to enhance the work environment. There are many fun and creative ways to do it, but that's another topic, another day. Good luck with your retention efforts! Don't forget, there are people out there trying to identify weaknesses in your retention abilities, and steal your employees away!!! |
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Key Employee Retention Strategies
posted at 8/25/1999 11:46 PM EDT
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Posts: 23
First: 8/25/1999 Last: 9/10/2004 |
* Flexible work arrangements and benefits.
* Opportunities for personal and professional growth. * Provide your ees with a creative work enviornment where empowerment and healthy competition exists. |
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Key Employee Retention Strategies
posted at 8/26/1999 10:17 AM EDT
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Posts: 2
First: 8/24/1999 Last: 8/26/1999 |
Thanks for your feedback. I agree that employee recognition programs, flexible work arrangements and benefits, professional growth opportunities, and creating ownership/empowerment are critical to retaining key people.
However, for those times when the bottom line is money and an employee says "I got another offer. What are you gonna do?" - I need specific advice on compensation or retention bonus strategies. Are retention bonuses typically added to base salary, paid as lump sum, or paid in installments over time? Is there a Compensation Guru out there? Thanks. |
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Key Employee Retention Strategies
posted at 8/27/1999 6:40 AM EDT
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Posts: 8
First: 8/27/1999 Last: 10/7/1999 |
I know you were specifically interested in retention bonuses, but another strategy you could put in your quiver would be innovative employee benefit options like an employee computer purchase plan. Thats the kind of outside the box benefit option that can distinguish you from the competition. The nice thing about them is that its a benefit plan you can implement for nothing more than the incremental cost of administering the associated payroll deduction. They are very popular with employees, and its the kind of thing that makes employees describe their company as being progressive when it comes to benefits. You can contact me if you'd more information on the specifics of setting one up. |
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