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Creating an Effective Employee Retention Plan

In: HR Leadership During Bankruptcy and Organizational Change

Author

Listed:
  • Charles J. Alaimo

    (Human Resources for Group One Trading)

Abstract

During any major organizational change whether bankruptcy, acquisition, or new business direction, ensuring your employees feel safe, during and after the change, is critical. This chapter explores how to design an effective employee retention program to secure employees who may have unique skills and knowledge vitally important to the organization’s future success. This chapter will explore how to create an effective retention plan. The first step begins with the Departure Risk Heat Map and identifying those employees who are important to the organization. This chapter explores how to design the retention plan, the approval steps and communication to the retention plan participants. This chapter explores Key Employee Retention Plans as well as Key Employee Incentive Plans specific to bankruptcies and why both are important as well as the distinction between each. Supplementing this information is a sample retention agreement in the Appendix. In addition to financial retention plans, the chapter also explores other non-cash methods of recognition.

Suggested Citation

  • Charles J. Alaimo, 2022. "Creating an Effective Employee Retention Plan," Management for Professionals, in: HR Leadership During Bankruptcy and Organizational Change, chapter 3, pages 23-32, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-95048-4_3
    DOI: 10.1007/978-3-030-95048-4_3
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