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Retention Strategy

Retention Strategy. Strategic Human Resource Issues for the Fast Growing Company Venture Association of NJ July 18, 2000 Prepared by: Robin Berg Tabakin TECHNOFORCE LLC www.technoforce.com 973-328-1047 robin@technoforce.com. COMPENSATION. GOLDEN HANDCUFFS 1. DEFERRED SIGN ON BONUS

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Retention Strategy

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  1. Retention Strategy Strategic Human Resource Issues for the Fast Growing Company Venture Association of NJ July 18, 2000 Prepared by: Robin Berg Tabakin TECHNOFORCE LLC www.technoforce.com 973-328-1047 robin@technoforce.com

  2. COMPENSATION • GOLDEN HANDCUFFS 1. DEFERRED SIGN ON BONUS 2. DEFERRED PERFORMANCE BONUS 3. STOCK OPTIONS WITH DEFERRED VESTING PROGRAM • HOT SKILL PREMIUM • OTHER INCENTIVES

  3. Retention Methodology • Compensation • Career Development • Job Sculpting • Manager Accountability • Commitment • Best Practices

  4. Application of Technology Quantitative Analysis Theory Development & Conceptual Thinking Creative Production Counseling & Mentoring Managing People & Relationships Enterprise Control Influence Through Language & Ideas CAREER DEVELOMENTEMBEDDED LIFE INTERESTS Source: Harvard Business Review Sep/Oct99, Vol. 77 Issue 5, p148, 5p.

  5. Performance Review • Assess Past Accomplishments • Set New Goals • Identify New Skills • Strategy for Accomplishing New Goals • View Career Satisfaction

  6. Manager Accountability • Foster Good Relationship With Employee • Recognize Employee Achievements • Coach Employee on Strengths & Weaknesses • Tailor Job to Employee’s Interests

  7. Commitment • Team Commitment • Social Commitment • Reward with Team-Based Compensation • Team Commitment Encourages Individual Sacrifice

  8. Best Practices • Make Employees First • Training & Development • Mentoring Program • Keep Employees Informed • Recognize Achievement • Encourage Balance Between Work & Home • Exit Interviews

  9. Summary • Lifetime Loyalty is Rare • Limit Turnover By Making Employees First • Encourage Career Growth with Training & Attention to Embedded Life Interests • Make Managers Accountable • Forge Commitment • Make Your Company an Enjoyable Place to Work

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