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Some of the strategies to retain competent and a good performers:
1. Apprciate their achievements.
2. Provide challenging tasks/roles.
3. Have regular one-o-one talk:
a. Find issues and provide soltuions.
b. Show them career path, and guide them in career growth.
c. Ask them to provide suggestions/ideas to make the working environment even better, and implement the suggestions if they are good.
4. Involve them in decision making process; and communicate the context behind the decisions from senior management.
5. Promote them to next positions if there are opportunities
6. Make him feel that he is important part of team and you have a great value for him.
7. Go an extra step to get better salary increments, better appraisal for him.
8. Take them to lunch or dinner once in a quarter..
9. Consider them for benefits if compnay provides for good performers (Stock options, bonus, travel, etc.)
Alongwith doing above, I would also grow a back-up so as to continue the business if this person still chooses to leave at certain time.
Regular appreciation
Incentive benefits
Promotion on time
Proper increment
Create individual development plans, link personal objectives to the company's plan of growth.
Hold regular open dialogue with performers to monitor development and satisfaction.
|- Pay them Salary and other benefits on time, more then what others can offer
|- Create a brand name of a co, where people are emotionally attached to it
|- Give them the best liberty to fail
|- Take care of their personal and social life
|- Surprise them on successful completion of a project
etc etc
Cherish them, indulge them, spoil them, treat them like family, pay them well, whatever you do DON'T let them go!!
1.Training programmes for updating the skills required for the employees.
2. Employee motivation such as giving ceritificate of appreciation, rewards for the performance and above all giving empowerment to the employees.
3. Instead of providing monotonous job, employees should be given opportunity to work in diverse environment.
4. Promotions based on their performance resulting in employee retention.
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