Retaining Talent in a Down Market
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Sure, the employment market is pretty weak right now. But cost-cutting now can have an adverse impact on your ability to retain talent once the market begins to improve. Be wise and prepare now to retain your most productive employees with these helpful tips:
Source: Bussinessweek, 03-NOV-08GET EVERYONE INVOLVED - Given al the uncertainty, no one feels like they have much control. Make workers part of the solution: Best Buy has set up online surveys for employees to suggest cost-cutting ideas.
SET TOUGH BUT REALISTIC GOALS - Suddenly, sales targets can’t be met. To motivate employees, make 2009 goals doable. Add metrics workers can affect, such as customer-satisfaction scores.
DON’T FORGET YOUR STARS - ”A” talent can be poached just as easily in bad times. Even if pay is cut or frozen, compensate your team’s best players or they’ll leave once a rebound comes.
EMPOWER FRONT-LINE SUPERVISORS – Yes, CEOs need to hold town halls and communicate constantly during tough times. But make sure every manager can answer hard questions from his or her team.
AVOID “PEANUT BUTTER” JOB CUTS - Don’t spread layoffs evenly, says Bain partner Michael Mankins. R&D, sales, and other areas shouldn’t be cut as deeply as administrative jobs.
