Worcester Business Journal

www.wbjournal.com May 25, 2015 • Worcester Business Journal 25 I f your company is benefiting from the upswing in the U.S. economy, you might want to look at how you can reward your top performers. A recent Accountemps survey of more than 2,000 chief financial officers found that eight in 10 are taking steps to improve employee retention by offering promotions, raises and other incentives. The take-home point? Retaining your best employees is a high priority, or you could risk losing them and, possibly, your firm's competitive advantage. Here are five steps you can take to improve employee retention as your company's potential expands: 1) Promote from within. Now is the time to re-recruit your standout employees. Let your top performers know they have a clear career path within the organization. Businesses can lose out on new customers if they don't have their star workers in place as growth opportunities emerge. 2) Offer competitive salaries. Compensation will always be important in employee retention and satisfaction. To attract and keep the best people, regularly evaluate compensation levels to ensure they're in line with what other firms in your industr y are paying for similar positions. If possible, pay slightly more. 3) Give rewards and recognition. At many companies, raises, promotions and other rewards were put on hold during the recession. Those firms are now indicating that they want to reward the employees who helped their businesses stay afloat. Now may be the time to re-evaluate your benefits package, vacation days, or paid time off for team members who helped bolster the bottom line during the tough times. 4) Offer rofessional development. Lack of career advancement consistently ranks as one of the top reasons employees leave. It's expected that employers would want to promote top performers and offer raises when possible. But how about professional development opportunities? It's a huge boost to your staff 's morale if they know you value them, and investing in their advancement is a great way to show them you do. 5) Ensure benefits are relevant. Don't underestimate your ability to improve employee retention by offering an array of benefits and perks to top performers. These may include subsidized training, flexible work hours, remote working options and mentoring. Also, don't forget low-cost but effective options. Taking the time to write a sincere handwritten thank-you note or "good job" card, for example, can go a long way toward making an employee feel appreciated and valued. Retaining top performers must be a top priority. Fortunately for today's professionals, the Accountemps survey suggests that many companies recognize this and want to take steps to retain their best. n Ryan Sutton is a senior vice president for Robert Half International in its Westborough office. Accountemps is a Robert Half company. By Marianne Delorey Marianne Delorey is executive director of Colony Retirement Homes, based in Worcester. Contact her at mdelorey@ colonyretirement.com. 10 Things I Know About... 5 ways to keep your best people KNOW HOW 10. Be relevant. As people live longer, there are increasing needs for products and services that cater to seniors. 9. Know the value. According to Census data, those near retirement age have the highest net worth. But net worth does not drop sharply after age 70, so marketing to this group can be very worthwhile. 8. Don't assume. Your audience is incredibly diverse. There are very able-bodied and cognitively intact elders and there are elders who are more frail and more forgetful. Tailor your strategy to what you're selling, not generalities about aging that may not be accurate. 7. Look in plain sight. Not all elders go to senior centers or frequent hospitals. Your marketing should reflect that many of them work, shop for groceries, and do everything younger folks do. 6. Use social media – really! Not all seniors go on Facebook or Instagram, but some do. Reaching out to these groups might yield surprising success. 5. Go 'old school' too. Print newspapers, although declining in popularity, have had less of a decline among the older age groups. 4. Try multiple modes. Some seniors have communication challenges. Try using church bulletins and radio to reach more of them. 3. Reach care providers. Those who work with elders, nurses, health care aides and care managers can help you spread the word. Reach out to service organizations to spread news of your product or service. 2. Don't forget families. Families are the number one support for elders. Getting the message to them represents a "win win win" because it helps the business, the senior and the family. 1. Don't oversell. Elders have decades of experience surviving and adapting. If you try to convince them they can't live without your product or service, you're not going to succeed. Make sure your product sells itself. n Marketing to seniors A s a manager or leader, you can have the most organized operating models in the world. But an environmental incident, workplace violence or a product that creates a major health issue can still throw your organization into chaos. Here are three ways to keep things in check when everything around you seems to be falling apart: Understand what's at play. Minor decisions during times of crisis can be crucial, and leaders are under tremendous strain, writes Gordon Merriweather at LeadershipChallenge. com. Things will happen at warp speed. Problems can be magnified as the right personnel may not be available to respond to the crisis at hand, as in the case of a CEO dying suddenly, for example. Leaders won't be able to count on the normal channels of communication, and the media spotlight may be on the company. Prepare for the unexpected. Do it while things are calm. A written plan should include protecting the individual involved, keeping key audiences informed, and ensuring the organization survives. Bruce Condit, in an article at Inc.com, reminds companies to appoint a spokesperson who delivers clear, consistent messaging through social media and other channels, to be as transparent as possible, and to keep employees informed. Also, communication with customers and suppliers is important; they should not count on the media for information about your firm. It's far better to over-communicate than to allow the rumor mill to control the message. As a leader in crisis, don't go it alone. A company crisis is no time to be egotistical or independent. Take a long, hard look in the mirror at the role you may have played in allowing the crisis to happen. "Attempting to find short-term fixes that address the symptoms of the crisis only ensures the organization will wind up back in the same predicament," writes Bill George at WSJ.com. Call in the experts to source and solve problems, taking others into your confidence and letting them help you implement solutions. n 101: CRISIS LEADERSHIP >> BY SUSAN SHALHOUB Special to the Worcester Business Journal BY RYAN SUTTON Special to the Worcester Business Journal Survey finds that the secret lies in money, incentives, other rewards

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