Whether you see it or not, your organization may be in danger of losing some of its top performers.
So Brandon has been with you six years and his performance ranks among the best. Because of this, you have been able to offer Brandon above average annual salary increases. He also likes working for you.
However, when the thriving competition down the block offers Brandon a significant salary increase, coupled with an attractive bonus – he’s leaving you.
More and more top performers are realizing that, to “get ahead,” they may have to leave their current employer.
We know salary increase budgets are not what they used to be. Experts predict 2010 salary budgets to be in the 2-3% range.
But can you afford to lose the “hot” ones? It’s time to identify those people that you can’t live without and give them a good enough – scratch that – a WORTHWHILE reason to stay.
Here are some suggestions:
1. Identify your top performers and let them know how much their efforts are appreciated. Also consider if any of their salaries are in need of adjustment
2. Consider offering “spot” awards, as appropriate, for superior individual contributions
3. Identify those employees who possess critical skills you cannot live without. Consider the prudent use of a “Stay” bonus where such an incentive may be warranted.
4. Consider including your key long-term strategic players in a Long-Term Incentive Plan (LTIP). Incorporate a vesting schedule as an incentive to stick around long-term.
Don’t wait until it’s too late to ask why your top employees want to jump ship.
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