In difficult economic times, it’s not the average performer who considers leaving your company — it’s your star employees who are thinking about hitting the road.

So in this time of cost control, how do you retain top employees without running up a huge budget?

Though the choices companies are forced to make during a recession can frustrate all involved, here are some tips to keep top employees happy and at your company:

1. Focus on their career development needs — A retention strategy that includes a strong career development focus can help you keep high potential employees at your company. By giving them challenging projects as well as training and development opportunities, your stars are less likely to seek other employment.
2. Stress corporate ethics and values — High performers want to believe their company stands for something distinctive and special. Though cutting costs might be necessary in the short run, top workers want to be certain that management is focused on long term goals and values.
3. Involve them in decisions — Transparency is key. Top employees want to know they’ve made a difference, so companies should consider allowing them to have input in important decisions. Sharing as much information as possible with these achievers will make them feel trusted and valued.
4. Don’t ignore compensation concerns — Though everyone understands what difficult times mean, high potential employees still want to know their interests are important to the company. When it comes to incentives, companies may have to get creative by offering employees a number of options, such as deferred rewards or accelerated advancement opportunities. And remember — it’s important to maintain an open dialogue throughout the entire process.

Tags: incentives, retain, top employees