Retention Strategies

As important as it is to address performance problems, it is even more important to try to keep your star performers.

Here are some ideas that can help:

• The three R's of employee retention are Respect, Recognition and Rewards [but not necessarily in that order]

• If you do not recognize and reward superior performance, your best and brightest employees are the most likely to leave.

• Communication is the key to creating a work environment in which highly skilled and valued employees want to remain with the company and in the department.

• It is a good idea to meet regularly with key employees to make sure they feel that they are being recognized for their contributions.

• Whenever possible, provide additional benefits such as on-site, or off-site training to your star employees.

• Look for ways to share ownership of the department's goals with your key employees. Try to treat these individuals as your partners in helping the department achieve its objectives

• Provide a competitive package of benefits and pay - even if you have to go to senior management to fight for the pay and benefits your best employees deserve

Improving retention strategies will reduce recruiting and hiring costs, lower training costs, improve employee morale, and increase business momentum and improve the credit department's ability to manage risk and control delinquencies.

Source: "Credit and Collection Handbook" available at: www.aspenpublishers.com