Creative Ways to Keep Your Top Talent

In tough times, when mergers and downsizing are facts of everyday work life, it's more important than ever to keep the brightest stars shining in your company's constellation, rather than having them twinkle in a competitor's galaxy. While you may think an inability to provide a raise leaves you hamstrung, your best asset isn't necessarily financial — it's creative.

When a New York advertising agency was acquired last spring, many jobs became redundant, including that of the smaller company's star office manager, who demonstrated a unique problem-solving ability, keen attention to detail and strong relationship-building skills. To keep him on board with the new company, management sat down with him and asked, "What matters most to you right now?" They learned that while he loved his job, he actually wanted more flexibility in order to focus on a budding music career.

With this information in hand, the parent company created a part-time role focused on event planning, culture building and community advocacy. It was a win for everyone involved — and the new part-time position allowed the company to realize a cost savings.

In a similar fashion, your role is to determine what matters most to your people, and create ways to value them that are not dependent on a higher salary. The key elements include:

• Approbation. It may seem minor, yet regular praise for outstanding performance never gets old. Find new ways to express your appreciation that make your employee's value known to others. One staffing service CEO sent out a company-wide memo congratulating his Communications Manager on developing a newsletter for temporary workers, describing her already heavy workload and exceptional performance in meeting the needs of an additional, crucial audience. He later singled her and several others out for praise in a corporate staff meeting. Although the manager was embarrassed by all the attention, there was also no thought in her head of leaving that company.
  
  
• Choice assignments. Which plum projects would your staff member love to take ownership of? On what team assignment would he thrive? Select a project that allows the employee to interact with clients, board members, or senior executives in your organization. When you receive positive feedback from these constituencies, share it with as wide an audience as possible so your star enjoys another opportunity to shine.
  
  
• Develop your key player's abilities. Many people who are good at a skill would love to teach or mentor others. Is your star a sales closer? Have her design and lead a negotiation session for the sales team. By the same token, seek out a senior level mentor who can guide her to greater heights.
  
  
• Perks beyond pay. If a flexible schedule, working from home part-time, or taking a course to broaden his skill set appeals to your peak performer, give him the nod.

Above all, communicate clearly and extensively with everyone on your team, so they all know where they stand, where the company is headed, and what they can expect going forward. A climate of openness does much to allay anxiety and establish trust in you, first and foremost — and an inspiring boss is the number one reason most employees choose to stay with their company in difficult times.

Adapted from the Harvard Business Review Blog