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Successful management of employees can benefit the bottom line and help companies retain their best workers. Addressing human resource options in different ways can identify opportunities for cost savings and to streamline programs and practices, Patti Redden says in A Compensation Strategy Review.
Know your short-term and long-term personnel needs, Redden says, but also evaluate your top talent to identify areas where they can help achieve goals. Even when budgets are tight, it’s essential to remember the fundamental value of appropriate compensation. If pay increases are not an option, focus instead on performance management and other forms of appreciation in order to motivate employees.
“Be sure to reach out to those employees that are most vital to the company and let them know they are valued,” Redden says. “If you do not want to lose them, you have to make it more appealing for them to stay.”
Emphasize employees’ merit and be transparent during discussions about performance. Let your employees know they are valued, spend limited funds wisely and be sure to keep perspective on the overall goals of your company.