Credit at work.(NACM'S 110TH CREDIT CONGRESS & EXPOSITION)

Dear Andy: Credit professionals are in growing demand in my area, and I'm concerned about employee turnover. What are some useful strategies for retaining staff?

You are wise to be concerned about employee retention in the current business environment. Keeping valued staff is an increasingly pressing issue for today's employers. As demand increases for credit professionals, dissatisfied staff are more likely to look for new opportunities. Following are some suggestions for giving your people a compelling reason to stay with your company:

Show a personal interest. Get to know your staff members and their short- and long-term career goals. Then do what it takes to support those objectives, such as providing access to training or a mentor. In a recent survey commissioned by our company, executives said good employees are most likely to quit their jobs due to a lack of advancement opportunities. Don't assume that people are aware of their potential within your organization--clearly spell out opportunities and explain what it will take to progress professionally.

Believe in your team. Give staff the necessary resources and guidance to be successful and then allow them to make decisions on how their work should be managed. If they seek your input on problems, ask for their ideas on potential solutions. ...