How Can HR Retain a Key Employee Without a Raise or Promotion During Tough Times?

Employee A's Contribution to Company ABC

Employee A has been associated with company ABC for the last 8 years. The employee has been working as a Team Lead and MIS, taking care of 5 major projects at ABC. During their tenure with ABC, the employee has received multiple accolades from clients and the Head of Department (HOD). Due to monotony in their current role and responsibilities, the employee has decided to leave and pursue better opportunities. In discussions regarding retention, the employee has expressed willingness to stay on provided they are given a promotion to Assistant Manager and a 30% increase in their current CTC.

Challenges in Retaining Employee A

As an HR professional, how can you create a retention plan given the current economic recession and ongoing layoffs within the company? Despite these challenges, Employee A is a valuable asset to the organization, and their continued presence is crucial as per client demands.

Strategies for Retention Without Salary Increase or Promotion

How would you retain Employee A without offering a salary increase or promotion?

I hope this is not an assignment given in one of the business schools. Anyhow, the answer lies in the case itself. He/She is finding the job monotonous and the designation dull. So make it exciting; job enlargement or job enrichment could be considered. Sometimes the villain could be the job environment itself. I know personally a case where one of the very good employees started misbehaving as he was the only telex operator (happened in the mid-1980s) and was confined to a 6' X 4' room, all by himself. Understanding his difficulty, his seat was shifted to the common hall, and the whole problem solved itself.

So, the real factors have to be identified and dealt with to bring satisfaction.