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How to retain key talent during a company restructure

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Company restructures can play a vital role in enabling your firm to adapt and enjoy continued success, but managing these periods of transition isn’t always easy. One of the issues you’ll need to consider is how best to retain your key talent. If you’re not careful, you risk losing many of your most capable and dedicated members of staff. Fortunately, help is at hand. The following advice should make it easier for you to hold onto your top personnel during a restructure.

Explore how the talents of your team could be used in other ways

In periods of change, it’s likely that your firm will need to recruit in certain areas to ensure you have the relevant expertise. You might need to bring in new personnel for certain roles, but it’s important to ensure you make full use of the existing talent within your business too. Through effective planning and redeployment, you could help your workers to transfer their skills to other roles. For assistance with this process, you can turn to expert third parties. For example, human resource specialist Penna assists people at risk of redundancy by identifying relevant skills and helping them to prepare for the process of internal recruitment. By utilising the abilities of your existing personnel, you can minimise turnover and promote continuity in your business.

Communicate clearly and effectively

Understandably during times of change, employees can become nervous and suspicious. If your staff members believe they are being misled or kept in the dark about your plans for the future, they can quickly become resentful and disengaged. So, if you want to keep them on side and prevent morale from plummeting, it’s crucial that you keep them informed. By ensuring they are in the loop and explaining your decisions carefully and clearly, you can keep a stronger sense of team spirit. Ultimately, this makes it easier to retain key talent.

Understand it’s not just money that matters

All too often, managers fall into the trap of focussing too much on money when it comes to incentivising personnel to stay on through company restructures. Of course, money does matter and you’ll need to ensure that your remuneration packages are competitive. However, it’s also important to realise that employees have a variety of motivations aside from their pay packets, and these can be very personal. For some people, a sense of security and confidence about the future is paramount, while for others fast-track career progression opportunities could be a major motivating force. When you’re devising incentives to encourage your best performing employees to stay on, make sure they are highly tailored and reflect these people’s expectations and desires.

Periods of transition will always present a challenge. However, by bearing advice like this in mind, you stand a good chance of retaining your most capable personnel.