Keeping a firm grip on every budget dollar continues to be crucial in the challenging business landscape of 2010. Until recent glimmers of improvement in the economy become a reliable upward trend, employers must produce more with fewer staff. Being part of a strong recovery will require three crucial accomplishments: retention of superior performers who can help your business achieve goals this year, strategies for bringing out the best in everyone on the team, and eventually, a careful selection of new talent as you ramp back up.
When your business is ready to grow, will your employee value proposition motivate star performers to join your staff and convince the ones you have now to stay on board? High turnover is equated to low stock value, with a proven connection (up or down) of 30%, so losing key staff now is a costly mistake. It’s vital to create an employment experience that inspires talented employees to stay on board long after the downturn has passed, and you can manage this without breaking the bank.
If your staff is like many others, widespread job losses and other economic fallout has deeply affected their personal and professional lives in ways they can’t control. Now more than ever, leaders must clearly communicate the plan for moving the company from a survival to a growth mode in the post-recession economy. Staff need to understand in very specific terms how their own individual actions in the coming months can lend momentum to the company’s financial turnaround.
Guide employees to access new levels of performance in a supportive, energizing environment. It starts by maximizing productivity and minimizing potential loss of talent with the use of behavioral and values assessments. Validated assessment tools insure that you have each staff member working in the position where they can make their best contribution to the bottom line.
Next, offer opportunities for professional development that move them through specific steps to the next level of effectiveness. In addition to boosting earnings, it gives employees a much-needed shot of optimism. Staff recognize that professional development offerings are a concrete ‘vote of confidence’ from the employer. With budgets for raises and bonuses curtailed, they are acutely aware that this is evidence of an employer’s will to provide professional advancement despite a down economy.
Current employees are the backbone of your employer brand. Inspire them to spread good word of mouth about the company by examining your employer brand appeal from their perspective. Access to superior performers outside your company will also require a strategy that appeals across generations, leveraging all the communication channels available.
Having a great employer brand needs to be an ongoing HR focus. It calls for a mind set of awareness about how your business is perceived from inside and outside, and a commitment to improve and maintain a favorable brand. To learn more about the factors that create and influence your employer brand download our white paper, Employer Branding: Winning the Post Recession Competition for Talent.
Have you already made mistakes by cutting costs like staff development? If so, call your TTI Value Added Associate for an evaluation. See how you can position your organization as THE employer of choice in your area.
