Businesses grow and adapt to the ever-changing commercial arena and when a medium-sized business merges with another entity, there is always the risk of losing valuable employees. This article presents some best practices to prevent losing employees during a transition.
- Track Employee Performance – Have certain metrics in place and you can quickly determine who to keep within the new organization and who to let go. If you have no performance-measuring system in place, talk to the HR consulting services in London or in your city, where HR professionals offer a diverse range of services that include setting up KPIs to measure performance. Each employee should have a personal file, where the main points of every meeting are recorded to build up a detailed picture of the person.
- Provide Learning Opportunities – People want to learn new skills, it is inherent in human nature and a company with no staff training programs suffers from a high employee turnover. Talk to an established HR agency and see what they have to say about setting up employee training programs. A team of HR professionals can take a closer look at your business and help you choose the right training programs for your staff. Promoting from within is always the best way to build your company and with the right courses in place, your employees can learn new skills and gain certification that allows them to do specific tasks.
- Effective Planning – If you have advanced notice of the restructuring, you can start planning for employees you are going to retain while examining all the options. If you consult a leading HR agency, they can help with restructuring in many ways. There would likely be assets that you no longer require, and they should all be listed, and avenues explored on what to do with said assets.
- Think About Remote Options – You might be relocating to another part of the country, but you don’t want to lose your design team, which has always come up with the best work. Remote collaboration is possible thanks to the advancement of digital tech and geographical location is not the obstacle it once was.
- Recognition & Rewards – Every organization should focus on recognizing outstanding performance in the workplace and have rewards on a regular basis. One extra benefit of this is the ability to identify high performers easily. Employee of the Month is a great program that motivates all staff to pull out the stops.
- Early Detection – Once you know that you are going to restructure the company, you need to identify high-value employees and put together a plan for retaining these employees for the new structure. Generate a list of employees, their positions, and the potential they have with the new company, which you can refer to when ready.
- One-On-One Communication – You should have quarterly meetings with all employees on a one-to-one basis. Data is filed and over time, a complete dossier of each employee is created, giving you more of an insight into each employee. This data proves invaluable when deciding which employees to retain when you merge with another company.
Whether expanding, downsizing or merging, it is important to focus on high-value employees that you wish to retain and if you are too busy to give this your attention, contact a leading HR agency based in your area and let the experts set up KPIs to measure employee performance, while also helping you to create best practices that enable you to make informed decisions regarding staff.