| Greetings!
This is Strategy 3 of Eleven.. "Invest in top managers and critical jobs" (shrm, 1/2011;HR magazine article by R Grossman).
When is the last time you did a compensation survey of your salary and benefits? How do you know you are competitive and offering what employees expect? There are many variables that play into offering the work situation that appeals to the best!
It is important that you focus on those major contributors and put your dollars in their pockets accordingly. Although all employees should feel valued, obviously those that are the key players that you do not want to lose, will have to feel valued and appropriately compensated for their contributions. You may have to consider different ways to retain your employees. Some of what was mentioned in the previous article, Strategy 2, would apply here (in last month's newsletter).
Keep those that clearly support your mission, values and culture. Keep those that are strong team players, with great relationship skills and are highly motivated, independent and innovative thinkers ...they are "worth their weight in gold".
It will be very important that management utilizes the performance management system objectively and thoroughly in order to ensure you are focusing on those that you desire to keep engaged and motivated. Do not assume your system is the best, be sure you explore other ways to evaluate and learn about the people around you. Most of what is important with performance management is not the form used, but your approach to the meeting, the quality of your position descriptions and the goals and objectives set each year.
Be sure your management team is well trained and able to effectively keep employees engaged and motivated.
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"A recent study from the Center for Creative Leadership, High-Potential Talent, A view from Inside the Leadership Pipeline, reveals that by telling high potential employees that you value them, the chances they will stick around improve significantly. Only 14% of formally identified high-potentials are seeking other employment" according to Roland Smith, professor of leadership at the Elon University School of Law in Greensboro, NC.
We cannot passively rely on a market with few jobs in hopes we won't lose our best employees because they do not have many options. Those that are talented will always find another job as others will see such potential in them for their own organization.
Be sure that performance feedback is valuable, clear and keeps your staff engaged in the manner that will allow them to see their career potential with your organization. They should fully understand what you value and the skills, knowledge and behavior required to continue to be an asset and remain gainfully employed with your organization. |
