Top performers are an essential asset to any organization. The longer a top performer stays with a firm, the more valuable they become as they get invested with a wealth of institutional knowledge. The question then is how to retain and grow these valuable assets.
Ensure Salary and Benefits Are Competitive
To retain top talent, employers must provide pay and benefits that are competitive. In some cases, it may require employers to go a little beyond what they usually would. However, in the long run, this investment will pay off. For example, when coming up with a compensation package, factor what finding, hiring, and training a new employee will cost. How much will a recruiter run? Will much productivity time be lost training a new hire?
Provide Educational and Training Opportunities
Keeping a top performer at the top of their skills is an investment in them that also pays dividends for your organization. While training can take away from work hours, it can pay for itself down the road. Typically, allowing opportunities for education and training makes the top performer feel valued and appreciated. This leads them to stay with the company longer and incentivizes them to work harder.
Make Sure Work Is Recognized
Often the work of elite performers can go unnoticed; this is a classic case of “the squeaky wheel gets the grease.” Make sure that good work is always acknowledged. Spot bonuses or awards can be a good way to achieve this. Even something as simple as an email saying “job well done” to a top performer goes a long way.
Ensure Work Stays Challenging
If a top performer keeps delivering on time and above expectations, it may be time to tweak the strategy for that employee. It is all too easy to want to keep in place employees who are doing a job well. However, too much time in any job can easily lead to burn out and boredom. If an employee doesn’t feel challenged in their current role, it can cause them to start looking for other, more exciting opportunities.
Make Sure Mentoring is in Place
While it may not seem a top performer needs mentoring, it can be a useful tool for both the employee and the organization. Mentoring not only helps the employee to grow but also helps keep them connected to the firm. This connection will decrease the risk of the employee not feeling attached or valued.
Ensure the Top Performer Sees a Future In Your Organization
Finally, the main reason an employee leaves an employer is the lack of a future. The best way to fight against this is to make sure that your top performer sees a path of progression within the firm. Providing a clear career path with goals and objectives clearly outlined makes it more likely that your top performers will stick around.
Moving Forward
Retaining top performers is a vital part of running any business. If you need help in recruiting top talent or in developing strategies for retaining top talent, its best to reach out to the professionals at Open Systems.