From the Compensation Force blog highlighting top "Total Rewards Issue in 2007" for 152 companies that responded to a WorldatWork quick survey. The top issues were retention and recruiting (38% and 35% respectively) cited almost 3 times more than the next issue - Executive compensation disclosure (9%.)
Suggestions:
- Use your best employees as recruiters - pay an incentive for new contacts. The best will bring in the best.
- Develop a strategic rewards plan that covers the "employee experience" within your company to drive retention. Don't just do "service anniversary" awards - link everything together. Think of your company as a brand and your employees as customers. What is their experience with your brand?
- Talk to customers - sometimes good customers can be good employees. It's tricky but it can be done.
- Look backwards - who were the stars that left the company during a bad regime? See if they would be willing to come back?
Just thinking out loud.
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