The great recession has hit your organization hard and you’re afraid that some of your best people will be leaving because of it. That’s not good, not only because you don’t want to lose them, but also because they might take their expertise with them if they do leave. How can you keep your top talent when faced with rising costs? Here are five tips on how to make sure your best people stick around even when the economy gets ugly.
The recession has forced many organizations to make tough decisions, including layoffs and salary cuts. As a result, many talented and skilled employees are resigning from their jobs. This is a huge loss for companies, as they have invested time and money into training these employees. How can companies keep their top talent during this difficult time?
The first solution is to get smart about salaries. Take a look at your budget and see where you can make some cuts. Then, use that money to give your top employees a raise. This will help keep them from looking for other opportunities. When someone takes a new job they average a 14.8% pay increase and we somehow believe that a 3-5% increae will keep them at our companies. You have to be more cometitive and you will need to be more open and honest with your team members.
In these tough economic times, it’s important to remember that money isn’t everything. While you may not be able to give your employees raises, there are other ways to show them that they are valued. Try showing your appreciation in other ways, such as through verbal praise, extra vacation days, or flexible work hours and work from home policies. If you can make your employees feel valued, they’ll be more likely to stick around – even during a recession.
The most important resource your company has is time, so don’t waste it. Make sure every project and task is purposeful and necessary. If an employee feels like their time is being wasted, they’ll start to look for a company that will value their time more.
The recession has forced many organizations to change the way they do business. One of the biggest challenges they face is how to keep their top talent. This is especially difficult when faced with rising costs of doing business. The key is to get on board with your employees and work together to find ways to save money. By doing this, you will show your employees that you are committed to their success and that you are willing to work together to overcome challenges.
As the recession hits, many top talents will be forced to resign due to financial reasons. However, if you’re able to keep them on staff in some capacity – even if it’s a reduced salary or hours – you can maintain continuity and keep your company afloat during these tough times.