Although some turnover is unavoidable, no one likes losing a high performer. These individuals may be difficult or even impossible to replace. What can your organization do to keep its top talent?
Pay People What They Are Worth
Pay tends to be a sticky subject as well as one of the primary reasons employees leave. After all, who wouldn’t want to make $75,000 a year instead of $50,000? But, how do you know if you are paying enough? When it comes to top performers, many businesses are rethinking pay rates based on Pareto law. Pareto law, or the 80/20 rules, states 20% of employees produce 80% of a company’s output. Of course, this doesn’t mean your other workers aren’t valuable. You need them too. However, there may be a large gap between your top and your average performers. And, it’s in your organization’s best interest to compensate accordingly or risk losing your superstars to the competition.
Provide Inspiration
Your top employees want to succeed, to do their best work and to make a difference in the world. Help your high performers (and the rest of your team) discover a greater purpose. Thank them for their efforts, give them meaningful projects and show them how they are changing the lives of others. As organizational consultant, Simon Sinek, writes in his book Start with Why, “Unless you give motivated people something to believe in, something bigger than their job to work toward, they will motivate themselves to find a new job and you’ll be stuck with whoever’s left.”
Check In Regularly
Unfortunately, managers often seem surprised when top employees leave. They may throw up their hands and say, “I thought everything was fine.” Don’t assume; make it a point to KNOW. One of the best ways to successfully anticipate your worker’s needs is by arranging regular one-on-one meetings. If this seems too time–consuming, don’t panic. Shorter is better, so plan on no more than 15 to 20 minutes. Depending on the individual, you may decide to meet weekly, monthly or quarterly. As the leader, you should schedule the appointment (to emphasize its importance), but let your employees set the agenda. This allows them to address the issues of greatest importance to them. If some people don’t know how to handle these meetings at first, engage them with questions such as, “What are you working on right now that you are most excited about?” and “How is your work/life balance?”
Is Your Company Searching for Top Talent?
Finding employees, not to mention top performers, in a tight labor market is a challenge. If your organization could use some extra help, Halpin Staffing Services is here for you. We place highly qualified professional, administrative and industrial candidates in southeastern Wisconsin and northeastern Illinois. Give us a call today to learn more!