Wednesday, April 7, 2010

Employee Retention Tools

Employee retention has recently become a hot topic in many firms. As the economy improves and more job opportunities become available, employers are fearful that their top performers may jump ship at any moment.

In our previous blog post, we have discussed several strategies for employee retention. These methods included showing appreciating for your employees’ work, publicly recognizing their contributions, being available, establishing open communications, and implementing employee ideas.

Firms are now looking into implementing monetary incentives to retain employees. Based on a recent survey of 14,000 CFOs, 76% are willing to offer one of the following:

Promoting Top Performers: 50%
Raising Salaries: 48%
Increasing Investment in Professional Development: 41%
Enhancing Benefits: 32%
Reinstating or Increasing Bonuses: 26%
No Steps Planned: 26%

Remember, however, that money is often rarely the only reason why workers stay at or leave their jobs. Many long term employee retention tools will still revolve building and maintaining good employee-employer relationships!

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