Get’em and Keep’em

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.