• by Don Leon , March 6, 2007

With the new media advertising industry facing zero unemployment, even companies such as Google and Yahoo are struggling to find enough top talent. Compounding this problem are new entrants in the market who may be more of an immediate threat to the HR line than the bottom line.

Bigger and more established companies need to be aware that the competition, though smaller and newer, can potentially attract their talent. "New" can be very alluring especially in an industry that is constantly evolving and growing. In order to keep your best talent from jumping ship, now is the time to make sure your employees are engaged and happy and make adjustments where necessary.

Employee satisfaction is crucial and it can be heightened by making sure the work culture is one that is fun, engaging, makes employees feel appreciated, and provides opportunities for development.

While money doesn't buy happiness and is sometimes not at the top of the list when candidates start job hunting, financial compensation can't be dismissed as an issue. In a candidate's market, paying 'A' players a bit more than the norm can head off the competition. In fact, you must think beyond the typical compensation packages. Innovative compensation packages and benefits will keep innovative employees dedicated longer.

Following are some ideas for holding on to top talent:

Have a Little Fun
Much of the new media space offers alternative office set-ups with video game rooms, in-house gyms or other perks. However, fun does not mean you need to accept a lax work structure. A change of pace in "the same old routine" is often as simple as company mini-retreats or conducting team building exercises. Even providing benefits such as free snacks and office parties celebrating good news or other significant milestones can spice up office life.

Continue Growth Through Learning
Talented executives want to make a difference. They crave new challenges. Often they are seeking the opportunity to create a new business model. With the integration of video into online ads and the fusion of traditional advertising styles with radical new ways of reaching people in new media, the best employees not only want to put the pieces of the online integration puzzle together, they want to enhance the end picture -- taking advertising options to the next level.

If your organization does not have the flexibility to let them re-write the landscape, then consider smaller options. Even moving a person to another project can re-energize them and elicit fresh ideas to keep them engaged.

Appreciation
Employees regardless of level need to feel that their hard work and leadership are appreciated. Even a small acknowledgement such as a card, lunch or dinner on the company can make an employee feel appreciated and invigorated.

Bonuses Reconfigured
Many employees await their year-end bonus and begin looking around come Jan. 2. Rewarding people periodically throughout the year can be key to keeping your top talent. Providing a non-traditional structure by paying bonuses quarterly or even monthly, for example, can eliminate the annual carrot so people do not eat and run.

Additionally, explaining the bonus structure to employees so they know what percent is quantitative versus qualitative and understand what they are working towards provides a greater incentive to reach the goal.

Essential to rethinking the bonus set-up is recognizing that one benefits package does not "fit all." Creating a "best-fit" bonus practice structured to the time preference of each individual employee is ideal as it demonstrates appreciation for their dedication and commitment to the company.

With new competitors in the field and an increasingly shallower talent pool no company can rest on its laurels -- even ones that are recognized as "best places to work."

After all, the personality and drive needed to be successful in the new media advertising industry makes these individuals the type that won't settle and will always have their eye on over-the-horizon opportunities. Big or small, established or rookies, any company in the new media space must frequently re-evaluate who is holding the "key to happiness" for their employees -- them or the competition.

If you're an employer, what are you doing to keep your people happy? What are the biggest HR issues you are facing? If you're an employee, what are the things that mean the most to you in a job?

Take it to the blog.