A question an organization keeps facing quite frequently is about how to retain key people. Retaining key people is critical to an organization, put mildly. This is because irrespective of the company size, key people are the organization’s lifeblood. People are an organization’s greatest resource, and the key people are even more so. So, retaining them is vital for the organization for its growth.
Ways of retaining them
A number of strategies can be worked out to see that key people do not leave the organization. Among these, a few are listed here:
Keep the goalpost fixed: At the time of hiring, the company’s expectation from the senior managers should be clearly defined. This both reflects the organization’s focus on what itis up to, and when communicated to the key people, helps them keep track of their work. The expectations are bound to keep shifting every time the goals keep getting revised. When this happens, the senior managers are likely to lose sight of the larger picture and feel demotivated. This will show the organization’s vision in poor light.
Give them the chance to express their views: When top managers are not allowed the liberty of discussing what they feel about something in the organization, it is natural for them to feel stifled. Being senior managers; they would have outgrown the need for being supervised and restricted. When they express their opinion about some aspect of the organization, it will be vital for the organization to understand it, because it carries weight and should be valued.
Rewards are important: Not every senior pro is at a stage of his or her career where there is a need to work to earn money. Yet, rewards are a great motivator, be it an organization’s veteran or toddler. It is not just monetary reward; it is also about recognition and goodwill and other perks. So, make sure you keep your seniors happy with a good rewards and recognition program.
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