Retention Strategy Strategic Human Resource Issues for the Fast Growing Company Venture Association of NJ July 18, 2000 Prepared by: Robin Berg Tabakin.

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Presentation transcript:

Retention Strategy Strategic Human Resource Issues for the Fast Growing Company Venture Association of NJ July 18, 2000 Prepared by: Robin Berg Tabakin TECHNOFORCE LLC

COMPENSATION GOLDEN HANDCUFFS 1. DEFERRED SIGN ON BONUS 2. DEFERRED PERFORMANCE BONUS 3. STOCK OPTIONS WITH DEFERRED VESTING PROGRAM HOT SKILL PREMIUM OTHER INCENTIVES

Retention Methodology Compensation Career Development Job Sculpting Manager Accountability Commitment Best Practices

CAREER DEVELOMENT EMBEDDED LIFE INTERESTS Application of Technology Quantitative Analysis Theory Development & Conceptual Thinking Creative Production Counseling & Mentoring Managing People & Relationships Enterprise Control Influence Through Language & Ideas Source: Harvard Business Review Sep/Oct99, Vol. 77 Issue 5, p148, 5p.

Performance Review Assess Past Accomplishments Set New Goals Identify New Skills Strategy for Accomplishing New Goals View Career Satisfaction

Manager Accountability Foster Good Relationship With Employee Recognize Employee Achievements Coach Employee on Strengths & Weaknesses Tailor Job to Employees Interests

Commitment Team Commitment Social Commitment Reward with Team-Based Compensation Team Commitment Encourages Individual Sacrifice

Best Practices Make Employees First Training & Development Mentoring Program Keep Employees Informed Recognize Achievement Encourage Balance Between Work & Home Exit Interviews

Summary Lifetime Loyalty is Rare Limit Turnover By Making Employees First –Encourage Career Growth with Training & Attention to Embedded Life Interests –Make Managers Accountable –Forge Commitment –Make Your Company an Enjoyable Place to Work