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

1 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

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

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

4 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.

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

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

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

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

9 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


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