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Those who care to make predictions for what to expect in 2004 may have differing opinions in a number of areas: what the new fashion in hemlines will be, who will become our nations next president, or when the expected economic recovery will occur. What most experts agree on, however, is that with an economic rebound, we can expect the retention of valued employees to become a key concern for all businesses, both large and small. Organizations are now positioning themselves to grow and compete in the future, and that means it will become increasingly critical to hold onto talent who might otherwise be ready to jump ship People are already dusting off their resumes as they realize that work is out there, and I think businesses should expect to see some significant defections by the second quarter. There is starting to be some real concern on the part of companies beginning to realize that their key players, who are relied on heavily to grow the business, provide leadership direction for employees and lead the company to future success, may be lured away. As the economy rebounds, there will be an increase in competitive pressure in the marketplace to attract the best talent and organizations need to be prepared for that. Having a solid retention strategy in place is vitally important to the success of any organization. In fact, that strategy should be implemented as an ongoing part of the day-to-day business plan. Successful companies are proactive and approach retention as part of the business structure, rather than reacting to what is happening when it might be too late. It should start with recruitment and follow through as an ongoing multi-dimensional process that allows employees to be a part of the business dialogue and see that there are opportunities for growth and development within the company.Gone are the days when employees could plan to join a company straight out of college and stay with it until they receive a gold watch and a pension. Today, many may be poised to leave after having felt exploited for the past few years during an era of widespread layoffs and less-than-adequate compensation. In many cases, the bond between employees and their companies has been broken. Some have interpreted the uncertainty and downsizing as a message sent that employees are expendable, and should neither strive for, nor expect, long-term employment within a single organization. However, employers must not assume that nothing can be done to manage these negative reactions. According to the U.S. Labor Department, productivity grew at the fastest rate since 1983 in the third quarter of 2003employees have been working hard, and companies have been running lean. Savvy organizations will be preparing now, rather than waiting until they begin to lose a critical mass of employees, to create a climate that will foster retention of these valued team members for when the economic pendulum shifts. In this spirit, here are five tips on how to maintain a successful retention strategy: