December 7, 2020 at 11:23 am #115450
What are the key aspects of a successful retention program?December 18, 2020 at 11:46 am #115794
– pick the right people (not always easy ;))
– fair and reasonable allocation of funds (have seen some ridiculous allocations)
– make goals/milestones/target or whatever applicable transparent
– proper tracking of progress
– regular feedback/project management
– ensure compliance with all aspects of labor law within the affected jurisdictionsDecember 25, 2020 at 8:53 pm #115923
Define your measure of ‘success.’ Is the goal to retain all employees or top performers?
Define the specific audience of who needs to be retained. (i.e. management executives, talented engineers, location-specific employees, etc.) Set criteria based on the priorities of the target audience. Individuals may vary widely so discovering the true care-about issues is the best way to ensure retention.
For execution compensation, time-based or performance-based incentives through cash compensation, equity or variable bonuses may be considered.
For responsibilities and work-related duties for engineers, investment in R&D for projects or flexibility in choosing team members could be desirable options. The goal may be to retain but also to boost motivation and encourage the best performance from people. Specialists might be motivated by freedom to implement their own ideas into product development whereas generalists may appreciate team-building and achieving metrics.
Cultural considerations may impact retention efforts, particularly if the acquirer has a drastically different culture. For example, Europeans may value time off, Americans may want more variable pay than Asians. Whether the culture is based on geographic location or management style (start-up culture vs corporate), a detailed plan specific to your situation will likely produce better results than a generic program.December 28, 2020 at 8:44 pm #115970
Identify the reason(s) a person works at the company i.e what is important to them. If maintaining or enhancing these reasons does not conflict with acquiring companies mission, do so. In many instances however, retention might not be a useful goal.January 3, 2021 at 6:24 am #116064
– Transparent and clear communication
– Motivation and appropriate compensation
– Attractive benefits
– Inclusive culture
– Inspirational leaders and managersFebruary 11, 2021 at 10:58 am #117027March 14, 2021 at 1:41 pm #118186
– Being able to retain in the critical quadrant (high business impact if not retained, high risk of non-retention)
– Retention at a sensible cost/price to the organisation
– Retention of people who can help foster the culture/integration you are trying to achieveApril 5, 2021 at 9:50 pm #118724
Local leaders in the target company are usually more aware of the success factors for talent retention than the buyers HR department. Listening and truthfulness in actions lead to success.
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