Not that long ago, companies were scrambling to find and keep great employees. The fierceness of competition in the job market was reflected in numerous reports of hefty signing bonuses and generous stock option packages for non-management hires, and even awards of BMWs to employees who referred new hires. With the slowing economy, however, recruiting and hiring top talent moved down the list of most organizations' priorities, and there was a growing complacency about keeping current employees. After all, with the unemployment rate rising and companies laying off, not hiring, where can potential job hoppers go?

This kind of complacency is always dangerous. Even in the tightest job markets, there is always a demand for the best and the brightest workers. And, as the economy slows, companies need their most productive employees more than ever. Therefore, keeping top employees must remain a very high priority regardless of where we are in the cycle of economic growth.

This doesn't mean you have to earmark extra funds for retention bonuses. Companies known for their ability to retain top performers use a "more than money" approach. They realize that the organizational characteristic that their competition can most easily duplicate is money. That is why companies that are winning the war for talent use non-monetary strategies to keep their top talent. Here are seven strategies that you can use to help your company keep your top employees.

1. Hire for attitude, train for skill.

If you think you need retention strategies only for current employees, you're wrong. To keep top talent, you must first recruit and hire top talent. Employee recruitment and hiring have an enormous and, often overlooked, impact on employee retention.

Companies that have significantly improved their employee retention efforts have made dramatic changes in the ways in which they recruit and hire employees. Rather than focusing on how well candidates meet specific job requirements, they focus on how well candidates meet more general company and work requirements. Companies such as Southwest Airlines, Cisco Systems, and 3M are known throughout the U.S. for their "culture fit" approach to recruiting and hiring.

There are two primary reasons for this shift in strategy. First, companies that recognize how vital culture is to the organization are committed to finding and keeping employees who help create and sustain that culture. Knowing that it is difficult to change people's attitudes and values, they recruit and hire employees who have attitudes and values that are consistent with and support the company culture. They then train those employees on specific job skills. More important, these companies realize that hiring solely based on job requirements doesn't make sense. Job knowledge and skills change rapidly. Even though you hire a candidate with great job skills, you will have to provide ongoing job training to keep up with the ever-changing requirements of the job.

2. Align applicant expectations.

Too many companies typically take a "first date," approach to hiring by sharing only the positive aspects of the job or the company with the applicant. They may also make promises that they cannot keep in terms of pay, advancement opportunities, and professional development. The result? Employees often leave because their unrealistic or inaccurate expectations were never met.

Retention-savvy companies understand the value of providing applicants with accurate information about the job and the company. They go out of their way to share the good, the bad, and the ugly during the hiring process. They know that they may lose some good people by being honest. They also know, however, that new hires who have gotten the straight scoop about the job are more likely to stay with the company. Sharing the good, the bad, and the ugly produces realistic expectations. Realistic expectations result in better hiring decisions and improved employee retention.

3. Use a Great Employee Profile to drive retention.

Who would you hate to see leave your company? Just by posing that question, you have taken the first step in creating your company's great employee profile (GEP). The foundation of your organization's future is keeping the great employees you already have and finding more like them.

You can develop your GEP by using methods such as personality profiling, 360- feedback, and performance appraisals, but the most revealing exercise is to interview your current great employees. Face-to-face, one-on-one (or small group discussions) interviews with your top talent uncover magnificent nuggets of information on what motivated them to join you and what motivates them to stay. Here is a starter list of potential questions.

1. Where were you working before you came to work for us?
2. Why did you choose to work for us?
3. What is the number one expectation you had when you came to work for us that has NOT been met?
4. What hobbies and activities out of work do you engage in (e.g., sports, reading, gardening, music--push for details)?
5. List two or three qualities or characteristics that help you succeed in your job.
6. What is the number one reason you choose to continue working for us?
7. What is the one thing the company does that makes you think about leaving us?

Use the answers to these questions to create and use recruitment and hiring strategies that will attract applicants who are similar to your great employees. More important, use the answers to drive your employee retention efforts. Find ways to do more of what your great employees like and eliminate those things that your great employees dislike.

In June, PART TWO!