THINK AHEAD FOR SUCCESSION: Retention Efforts for Now and Later

Despite the job outlook in the down economy, businesses are making notable effort to retain valuable employees. The Wall Street Journal Managing column (11/16/09) related 7 ways to retain valued employees beyond use by a range of different companies.

• Communicating more about what’s going on, instituting small group meetings to give them the big picture (Aspect Software, Inc.)
• Opening up and altering telecommuting policy to address worries about work/life balance and green initiatives. (Aspect)
• Increasing the number of people awarded bonuses based on outstanding performance. (Aspect)
• CEO soliciting feedback and acting on suggestions: for example, Community Options, Inc. CEO Robert Stack now intends to strengthen training programs for junior managers aspiring to be executives.
• Awarding managers restricted shares instead of raises in tough times to provide future benefits (Spherion).
• Helping employees chart career paths with a new talent management program. Mangers meet monthly with all nonunion employees to discuss progress and individual  career goals (Southwest Airlines)
• Increased interaction between employees and their direct leaders (Southwest)