Retention Requires Communication
Some stories make you cringe. For those of us who think about human resources every day, this post by Paul Spiegelman may be one of them. In the article, he talks about losing one of his top performers and the lessons he learned from the experience. Like many employers before him, he relearns the painful truth that retention matters as much as recruitment.
PayScale compensation consultant Mykkah Herner reminds us that holding onto your star performers involves a number of tactics, but two are most critical. You need a strong compensation plan and you need persistent, effective communication with your employees. “At the end of the day, a good comp plan is never enough. It’s the human interaction that gets people to stay. Sure, money may draw people to an organization, but good managers and open communication keep them there,” says Herner.
Want some tips on making sure you don’t share Spiegelman’s experience? Check out our “Salary Negotiation Tips for Employers” article and then see our suggestions on “How to Communicate About Total Compensation.”