Promoting Top Performers, Raising Salaries Most Popular Retention Tools
Most executives (76%) are willing to sweeten the pot to avoid losing their best employees when economic conditions improve, suggests a new Accountemps survey. Half of chief financial officers (CFOs) interviewed said they plan to promote top performers once the economy recovers, and 48% plan to give raises.
In the survey CFOs were asked, "Which of the following steps are you taking or do you plan to take to retain your employees as the economy improves?" Their responses:
|
Promoting top performers |
50% |
|
Raising salaries |
48% |
|
Increasing investment in professional development |
41% |
|
Enhancing benefits |
32% |
|
Reinstating or increasing bonuses |
26% |
|
No steps |
24% |
Note:Multiple responses allowed; a total of 76% of respondents chose at least one step.
"Indispensable workers who helped businesses stay afloat during tough times will have new career options as conditions improve," said Max Messmer, chairman of Accountemps and author of Motivating Employees For Dummies. "Employers need to make retention of top performers a high priority or risk losing these key players and, possibly, their competitive advantage."
Messmer says that now is the time to re-recruit your standout employees. "Let your top performers know they have a clear career path within the organization and re-evaluate compensation levels to make sure they're in line with what other firms in your industry are paying for similar positions."
