4 powerful strategies to retain your top performers
One of your top performers comes to you and says they’re being headhunted for another job. They weren’t looking, they were contacted via LinkedIn. They want to stay, but this other company is offering amazing things.
What can you do? Plenty.
Discover how to retain and engage your top talent before it’s too late with these strategies:
Strategy 1. Identify your top performers – and your top flight risks
While no one is irreplaceable, there are particular employees you simply can’t afford to lose. It’s not just the cost of recruitment (replacement costs between 50 – 150 percent of an employee’s annual salary), it’s also their unique talents and in-depth knowledge of the business.
It’s not always easy to identify your top performers – they are often the quiet achievers who don’t seek outward recognition. However by implementing a robust reward and recognition program, you can start to track and reward achievements, helping you to identify and retain your talent.
Strategy 2. Connect with your people
Another powerful employee retention strategy is to create a plan for staying connected with your top talent.
You need to be approachable and maintain open dialogue with your team members. Employees must feel that they are able to share openly, the good and the bad.
Arrange regular catch ups to check in with each member of your team. It can be an ad hoc coffee or a walking meeting. Provide positive feedback and acknowledge efforts, and seek their feedback and ideas too.
Identify what motivates and inspires them, and consider how you can help them feel recognised and appreciated.
Strategy 3. Engagement
While top talent is highly motivated, they may not be engaged in your company’s goals. Some are more focused on progressing their own career, rather than being committed to company wide objectives.
It’s important to have upfront career chats – what are their career plans? What can you do to help them achieve their personal or professional goals? Look for ways to align their goals with business needs.
Is there an upcoming project that offers an opportunity for leadership development? Are there cross-divisional projects to get involved in? Perhaps they could help set up and deliver a new program. Identify innovative ways to further develop their skills and experience.
Note, while these development opportunities are intended as positive gestures, they can sometimes be seen as added pressure and yet more work. Make sure you continue to provide support and acknowledgement, and keep lines of communication open.
Strategy 4. Recognise and acknowledge top talent
One of the biggest factors in employee retention and engagement is recognition. Employees need to feel seen and appreciated. This is particularly true for top performers – their career is important to them, and they’re often putting in discretionary effort to achieve their goals.
Develop a recognition program that includes instant ‘micro’ acknowledgement (i.e. RedBalloon gift vouchers) along with more formal public praise – such as monthly or annual award ceremonies.
RedBalloon for Business can help you design a program to ensure your team feels valued, recognised and rewarded for their efforts. From team experiences through to individual gifts, we ensure you have all aspects of your recognition program covered.
And if you set up a Business Account, you will open the doors to a range of fantastic benefits (for no cost), and be able to centrally keep track of your reward and recognition spend and distribution.
By implementing these reward and recognition strategies, you are sure to create a vibrant workplace and instil a sense of pride in your employees for their achievements.
If you would like further advice, out RedBalloon for Business team are ready to help, contact us today.