Do you have a bench?(extra credit)

What are you doing to identify and retain top performers to ensure that your credit department is staffed for success? The statistics from the U.S. Department of Labor's Bureau are frightening: every 10 minutes, a Baby Boomer turns 60; and by 2011, more than 75 million of them will be eligible for retirement. By 2016, there is expected to be a shortfall of three million workers between the projected workforce and the number of jobs required to keep the economy moving.

As credit management leaders, we are no exception to this talent shortage. We need to act now and prepare our "bench." All great sports teams have a bench--why should a credit department be any different? We need to identify candidates within our teams that have the competencies to be top performers, then help them develop so they can step into roles as they become available. Once you identify top performer candidates, you need to start mentoring and challenging them. We need to create a work environment where top performers want to stay and are recognized. This will lead to a highly productive team. "Top performers will always be in demand, and employers should make retaining key staff an ongoing priority," said Max Messmer, chairman of Accountemps.

"The savviest companies never stop 're-recruiting' people once they've been hired. These organizations regularly sell top performers on their employment with the firm before they are tempted with an offer from a competitor." Messmer emphasized that employers shouldn't rest on their laurels when it comes to keeping their best team members. "The loss of star talent can hinder a company's performance, and the current shortage of highly skilled professionals in many specialties makes replacing these individuals even more difficult."

Replacing employees is no longer the easiest, or even the best, solution. The cost to replace an employee is in the thousands of dollars; ask anyone in your human resources department. With ...