Retaining Acquired Talent
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We deploy different financial incentive to retain key employees during a transition and afterwards. Beyond compensation, what are tactics you have used to develop employee engagement and align culture to mitigate turnover during an integration and afterwards?
In retaining talent, during Due Diligence process we make sure our culture and values align, we also provide growth opportunities within our company and also ‘Meritocracy’ where Talent is Rewarded, through bonus’s and merit increase.
Setting the correct tone and understanding drivers for retention of key talent is important. How many times do we ask what motivates or challenges them to make them want to stay?
If you can’t offer an interesting future position to the people of the acquired company, I guess that incentivation is the key factor to keep them in the new organization.
One of the most important things is that of communication, the newly acquired talent needs to understand where the company is going, what are the new goals and objectives. Intrinsically motivating the staff in alignment with the goals and objectives of the new organization will help retain staff.
Totally support the comments on communication, engagement, and active management of human resources. One cannot underscore the value of taking time to make people feel valued and important. It pays dividends in the long run.
Talent should be a key workstream in due diligence. Assess their skill set: What specific skills does this person bring to the table? Do they have any unique capabilities that could benefit the organization. Evaluate their cultural fit: How do they fit in with your company’s core values? Are they a good match for your organizational culture
I think a good ground-up method could be useful. Going down to the offices/physical retain spaces/etc. and talking to some employees could be useful, and allows senior management to really have a good sense of ground sentiments. Purely interviewing senior management may not yield the same outcomes and strategies to retain key employees (e.g. people in critical functions such as cloud engineers, IT, product development, etc.).
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