In yesterday’s Advisor, WorldatWork’s Kerry Chou offered the four top reasons that key talent leaves organizations. Today, what strategies are working, plus an introduction to a highly practical collection of prewritten, ready-to-use HR policies.
What Strategies Are Working?
WorldatWork surveys have shown the following percentages of respondents who said the tactic was “very effective” or “effective.” In each case about another 20 percent found the tactic “marginally effective.”
|
Identify Key Talent |
75% |
|
Pay Above Market |
73% |
|
Flexible Schedule/Telework |
69% |
|
Increase Variable Pay |
68% |
|
Discuss Future with Key Talent |
66% |
|
Succession Plan |
65% |
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What Are the Average Premiums for High Performers?
The average premium percentage that high performers receive over what middle performers receive has stayed roughly constant during the recession, notes Chou, as seen in the table below.
Average Merit Increase Awards
|
|
High Performers |
Middle Performers |
Premium for High Performers |
|
2008 |
4.5% |
3.1% |
45% |
|
2009 |
3.2% |
2.1% |
52% |
|
2010 |
3.7% |
2.5% |
48% |
|
2011 |
3.9% |
2.6% |
50% |
|
2012 |
4.1% |
2.7% |
52% |
The data are mean (average) values and include zero-percent responses.
However, Chou recommends that employers provide a greater premium for high performers, up to 200 percent.
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Is the Prevalence of Equity Raises Rising?
For those who wonder whether the economy is coming back and whether raises are necessary or appropriate, Chou offers the chart below. It seems clear that most organizations are back in the routine of market review and equity raises.
How about your company?
Fortunately, BLR’s editors have done most of the work for you in their extraordinary program called SmartPolicies.
SmartPolicies’ expert authors have already worked through the critical issues on some 100 policy topics and have prewritten the policies for you.
In all, SmartPolicies contains some 350 policies, arranged alphabetically from absenteeism and blogging to cell phone safety, EEO, voice mail, and workers’ compensation. What’s more, the CD format makes these policies easily customizable. Just add your company specifics or use as is.
Just as important, as regulations and court decisions clarify your responsibilities on workplace issues, the policies are updated—or new ones are added—as needed, every quarter, as a standard part of the program.
SmartPolicies is available to HR Daily Advisor subscribers on a 30-day evaluation basis at no cost or risk … even for return postage. If you’d like to have a look at it, let us know, and we’ll be happy to arrange it.
How is “Identify key talent” a strategy? Does it mean give them recognition as such? If so, does that refer just to financial recognition or also more overt recognition like “High Performers Hall of Fame’?
What? This is still going on? I got a response from one of my stenaors two months ago stating that she agreed with me on this and that she held some of the same concerns as I have. So . . . I just reminded her of our correspondence and I also wrote to my other senator. What a flippin’ crock of shit. My frustration levels are too high to be dealing with their slow asses, I should be the head of the DEA.
This is why we see such income inequality in this country. The failure of corporate America to recognize performers in general and that we all work for the good and profit of the corporation. Where is recognition for the workers who create the environment for “top performers” and success of the corporation? I usually get some decent tips in your materials but this one just feeds into the divide between the top 1% wage (and other income) earners and those of us in the 99% –the middle class, the working class, and in my opinion, is useless.