Make your top talent a priority! Retention of your strong performers significantly impacts your bottom line. When a top performer turns in their resignation it is too late!
Top performers need to know that they are valued, and you need to know what they value. These top performers often seek emotional compensation in addition to financial compensation. Emotional compensation is a way of rewarding and retaining your top talent by investing in them. Retention actions could include offering simulating work, having a role in key initiatives, or simply being recognized for their contributions.
Conduct A Talent Review
A Talent Review will help you identify your top talent. This Review should include an evaluation of job performance, employee engagement and company commitment. Evaluate incumbent jobs against employees demonstrated skills and abilities. Assess individual performance and career potential. Consider who may be ready to shoulder more responsibility aligned with future business goals. Evaluate if your organization is preparing these top performers for future success.
Two-Way Communication Is Critical
Let your strong performers know they are considered top talent. Nurture open and frequent conversations with this population that includes active listening. Ask what is important to them and what they might need. Understand and value their specific career aspirations. Establish realistic career goals and timelines based on ability and engagement.
There are multiple avenues to keep rising stars engaged in the organization. Recognize them early. Allow them to prosper as the company prospers. Indoctrinate them into the goals of the company. Top employees engage more deeply when they have confidence in the Management Team and understand the strategic capabilities. Appreciate their efforts. Set routine meetings with emerging leaders. Adopt a Stay Interview Process to uncover unknown areas that need to be addressed.
Retention Efforts Have a Big Pay Off
Avoid the pitfalls of depleting your human capital because top talent has taken flight. High performers must be cultivated. Retention efforts pay off in numerous ways: stronger business results, a more engaged workforce and increased pride and loyalty by these top employees.