Is the compensation system ready when the quilt swings from "business" to "employees"? How can you keep key skills that have helped you bet the storm? Below are some tips to help the company prepare for the change market.
– Take a file: Do you know who your key is? Do you know what talent you need to keep and / or hire? Make "inventory skills" to make sure you keep those employees with important skills and the appointment of the talent you need to work. If you need to provide employee training to increase skills or career development, please specify what training plans you require and consider offering them as "brown bag lunch" or daydays.
– Performance Management: Receiving feedback from employees is free and sends a very strong message as you appreciate their contribution during these difficult times and would like them to continue for a better time. If you have not given your employees annual results, you need to do it now! You want them to know where they stand, especially when the market starts coming back. Remember, performance management is a bilateral process, so if your manager has not given you the performance, then it's perfectly acceptable to ask for it!
– Wisely use your bank account: While the market is a sign of strength, many companies may not have a "pot of gold" to spend their employees' investments. You can still make the money go by making sure you spend it wisely:
o Focus on your main performers: What is important to keep?
o Employees: If they meet "average expectations", they do not necessarily need to raise salary if they stick to the market.
o Need to improve: Take the time to work with those employees who need to improve their jobs. Enter a performance plan to help them get back on track.
o If you can afford to raise price increases for your key employees, but can not do it now, try 6-month increments. This will send them the message that although you can not make a lost time, you can give them a smaller price increase increases more often.
– Career Pathing: Make sure that employees know the next level in their career path. For key employees, compile a career development plan to help them get the training, skills and support they need to keep moving. An employee who is challenged may be less likely to start shopping.
– Set goals: Use a shooter target to share business goals. Make sure to use forums in all parts of the world (entire social meeting, webcast, email, etc.) to share the goals.
– Open the door: As marketers encourage managers and employees to sign in to each other … a simple question that follows "How can you go" can facilitate an honest and open conversation between an employee and their managing director.
– Get Creative: Perhaps now is the time to run some of the apps you've been thinking about. New plans can send a message to employees that the company is trying to use staff to keep employees.
– Communication, Communication, Communication: Now, more than ever, it's time to communicate honestly and openly about current business situations. Employees only know what you share with them … prevent the company "grapevine" from growing by sending honestly and openly to employees. This will also help to build trust that is necessary to create a positive working environment.
– Thank you: The last 12 months have been trying hours at work and at home for employees and their families. A simple "Thank you" can go a long way to acknowledge stress and harsh conditions that all employees have tolerated. Consider hosting a lunch or ice sundae party where managers "serve" employees; personal "thank you" for each employee from the CEO; or little symbolism (Dunkin Donuts gift card, Cafeteria gift card). Employee motivations can go far towards employee motivation!