As reported by Harvard Business Review, one in five top-performing employees is likely to leave their positions within the next six months.
What?! Judging by that statistic, this could amount to losing up to 20 percent of your best team members. That’s a terrifying thought, especially in today’s candidate-driven job marketplace. And here’s another stat to make you stop and think: The high performers on your payroll can deliver 40 percent more productivity than the average worker.
- You can’t take your top employees for granted. Even the best of the best need your support to continue thriving – or they may seek it elsewhere. And your competition would love to have them!
Show your best employees how valued they are.
According to HBR, which studied more than 2,800 employees in 27 countries, when high performers were asked what they most wanted from their jobs, “personal recognition from higher-ups” was listed among the top 10 responses. It was cited by 42 percent of respondents – ranking even higher than updated technology (41 percent) and healthcare (36 percent).
- If your employee is doing great work, make sure they know you’re not only aware of it, but that you value and appreciate it – and them. Find out exactly how they prefer to be recognized and rewarded, and make it happen.
Actively solicit their feedback.
Regularly ask your employees for feedback on what you can do better to support their careers. As their manager, you are in a unique position to support them as no one else can.
- In the HBR study, conducted in collaboration with global forecasting expert Oxford Economics, 50 percent of high-performing employees said they expected at least a monthly sit-down with their managers to share feedback. Continuing to rely solely on annual or semi-annual performance reviews puts you squarely behind the times when it comes to robust talent retention.
Support their growth and development.
Especially in North America, professional development is a high priority among top talent – and people expect more than just self-directed options.
- Two-thirds of high performers in the HBR/Oxford Economics study reported that their bosses failed to deliver in terms of supporting them with formal training opportunities. Where do you stand?
Encourage them to teach others.
As part of their own skills development, as well as career enrichment, the best workers thrive on sharing their expertise with others. There are numerous ways to fulfill this drive, including teaching, coaching, mentoring, or authoring articles, podcasts, or team presentations. Leave the format up to them, and facilitate them as they run with it.
The workforce development experts at PrideStaff Modesto can help as you create the right talent retention strategy to keep your company strong, growing and competitive. Read our related posts or contact us today to learn more.