Five Tips to Retain Your Top Talent - NOW

Economic and employment news are frustrating at best. How can job numbers be going up when so many are still out of work? Since it's true that things run in cycles (like the Ice Ages) the economy IS going to get better. People will be finding new jobs again.

Some of them may be your company's top talent. According to the New York Post, 55% of Americans are unhappy with their jobs. Who can blame them? The recession has pushed employers to the brink trying to survive, and some of the dollars saved have been at the expense of their employees. When companies begin hiring again, those employees that have been "toughing it out" at jobs they hate will race out the door faster than Evil Knievel.

Employees have been taking it on the chin for awhile, as companies cut out paid holidays, required them to pay a higher percentage for their health care premiums, and eliminated some benefits altogether. Gone is the company picnic, birthday celebrations, and the off-site Holiday party. Bonuses disappeared, incentives were eliminated. Even internal transfers have been hit as employers cut back (or eliminated) relocation bonuses, paid moving expenses, housing assistance. A relocation package just a year ago with a house-hunting trip for a family of four, temporary housing and an unlimited moving budget (packing and unpacking) has shrunk to a lump sum reimbursement and a welcome note. Unwilling to make a move in an uncertain economy, talented employees with sought-after skills are biding their time until a revived economy offers opportunities for advancement, higher salaries and a better work experience.

How can you retain your top talent? How can you stave off the executive recruiter who now has an abundance of jobs to fill and is going after your best and brightest? Here are Five Tips To Retain Your Top Talent Now.

1. NOW is the time to assess what toll the recession and your own cost-cutting measures may have taken on your human capital. Conduct a survey, have some informal meetings, led by an outside facilitator. What has hurt the most, and what can you do to heal the wounds? Surveys don't count unless you actually implement some of the suggestions. Which leads to Tip #2.

2. Put things back, if you can, or devise a plan to restore some of the benefits or perks that were lost as the business recovers. If profits go up, and there is no consideration for what the employees have sacrificed to turn things around, they won't be around for the celebration party.

3. Resurrect the career plans and "fast-track" programs that show employees what they can expect by staying. Show how they will be able to learn and progress "up the ladder" as jobs expand or are added to the org chart.

4. Reassess the quality of work life you offer. Dust off the employee handbook, and compare it to the reality of the Facebook and Twitter generations. Do you still have outdated policies or dress codes on the books that have outlived their value? How can you make it more comfortable for your employees so they can be more productive?

5. How does your workforce communicate? Still churning out paper memos, or restricting communication by grade level or line on the org chart? Even Baby Boomers want more access and are savvy on the latest electronic communications tools. One of the highest rated employee satisfaction indicators is "being in on things." Open up the communications, especially when the upturn begins.

The most important thing is to get your employees involved now...everyone. Once the "Prosperity Train" leaves the station, you may find that some of your top employees purchased advance tickets and are already in their seats. Find a way to engage your workforce now in planning for the good times ahead, and you'll have more familiar faces around the table for years to come.