By John A. Haas
Management Strategies Group
Today's lament: "we can't find enough good people." Employer/employee loyalty is becoming an obsolete notion. Pressures and opportunities in a strong economy suggest continued employment turbulence. So once you've got 'em, how do you keep 'em?
Traditional Retention Ideas
Equity remains a strong motivator, especially for cash poor technology start-ups. Whether real or phantom, grants or options, the prospect of a big payday encourages many to stay.
Performance-based Cash Incentives can help retention by requiring that employees be on the payroll when incentives are paid (not just earned).
Rapid Career Advancement opportunities are attractive, with promotions, compensation increases and other kinds of recognition as the company grows and expands.
Some New Retention Ideas
Believing there are reasons for staying beyond current and potential big payoffs, here are some other ideas:
Change Roles - Accelerate personal growth and insert new energy into various efforts by reassigning people periodically.
Create Short Term Goals - 90-day individual or team work goals, each with about 5 measurable priorities keep people focused, fresh. Tie rewards to success.
Create a "Buddy System" - Especially to get new or newly transferred employees integrated into the team and feel they are important contributors.
Offer Personal Growth Support - As employees take charge of their careers, they value continuous learning and competency-building through education, mentoring, etc.
Reward Tenure through perks, awards, office size/location, furniture/equipment, training, etc. Rewards should reflect productivity and contributions not just time on the job. Make awards at various tenure levels widely available.
Periodically Scan Key Staff - Identify all key contributors and develop clear retention strategies. Honestly discuss career development with these people, taking care not to over-commit.
Tell People How They're Doing - This remains a distasteful chore to most and is often delayed or incomplete. Assume people want to do a good job and want honest, constructive feedback. Uncertainty can lead people to consider other options.
This list is not exhaustive. For more ideas, ask some key staff--they'll have suggestions!
Winter 2000 - Volume 10, Number 1