Retention Strategy

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
• www.technoforce.com
• 973-328-1047
• robin_at_technoforce.com

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 DEVELOMENTEMBEDDED 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