Do you have a Retention Strategy?: Blog

{By John Smith/Partner Kellen James}

As the economy begins to recover, new opportunities begin to pop up daily. There have been a number of studies recently which predict that many employees are ready to, or are planning to make a move in the months ahead. Many will ride out the Holiday season and then begin the New Year with a fresh start. Are you prepared for the exodus?

The reasons for leaving their present employers vary. Some were thinking of making a move a year ago, but decided to stay put for 2009 instead. Some feel their employers took advantage of the economic crisis and treated them in a heavy handed manner. Others simply wish to put 2009 behind them and see a fresh start as a necessary part of the plan. Whatever the reasons, people will be on the move in 2010. Management may welcome some departures, but far more will be lamented. Many of those employees moving on will be in critical roles.

What are you doing right now to prepare yourself and your organization? Have you shown your employees that you value them and appreciate the sacrifices they’ve made this past year? Have you taken steps toward succession planning? Have you continued to recruit for your organization?

Now is the time to begin planning for the months ahead. Many organizations reduced head count early in the year and have not taken steps to fill the vacancies. Take stock of your current employees. Make sure you have the right people in the right role. Identify employees whose performance is "on the bubble" and are most likely to leave as soon as a new opportunity appears. Identify critical roles and have a contingency plan should a key employee resign. Did you know that the loss of one employee can cost you anywhere from 30-150% of their annual salary.

Don’t be caught by surprise. Begin your preparations today, your competition is!