Nurturing Your Greatest Assets: Top Talent
By Megan Martin
If your organization is like most, you probably spend the majority of your time focused on improving the performance of your problem players. It’s human nature to focus attention on what needs to be fixed.
But consider this: A business is only as strong as its best people. Your best performers are what make or break your company. And while most organizations have had a relatively easy time hanging onto their employees during the down economy, polls show that many employees plan on jumping ship once the market turns.
The Startling Statistics
According to the Wall Street Journal Online article, “Taking Charge at Work,” a new Conference Board study reveals that just 45 percent of Americans are satisfied with their jobs—the lowest number in over twenty years.
Alix Stuart also notes in her CFO.com article, “All the Right Moves,” that several polls find that 50-60 percent of employees plan to find new positions once the economy improves.
As the market turns, what can you do to hold on to your best assets? The first step is identifying who your “A” players are.
A Few Good Men…and Women
How do you identify your best and brightest? Ana Dutra, author of the Business Week Online article, “How to Retain and Motivate Talent Now,” recommends reviewing your strategic plan to better understand which employees are most aligned with your future goals.
“The key is to make sure you are investing in the right people,” Dutra says. “Those who are capable of executing the company's long-term strategy.”
The Boston Hiring and HR Blog article, “The Six Traits of Top Performers,” adds that top performers are often “visionary employees [who] see beyond the basic job description. While they certainly may have personal ambitions to succeed, their main interests lie with growing and improving their company. A star employee looks at the bigger picture instead of fulfilling the expected requirements for his or her position.”
Be brutally honest: Which employees are “B” and “C”-level players, and which are exceptional? Who can you not afford to lose?
Once you’ve identified the talent that’s most vital to your company, the next step is to understand what makes them tick.
What’s My Motivation?
Once you’ve determined who your premium talent is, you have to understand what truly motivates them. While salary, health benefits and job stability may retain average or even good employees, these traditional advantages are not always enough to keep star performers.
Dutra asserts that “high potentials” are primarily driven by career ambitions. “They see themselves as someday running the division, and maybe even the company,” she says. “If they foresee the possibility of reaching their goals faster in Company A vs. Company B, they are going to go to Company A.”
First-class performers want to feel that their careers are on the rise, and that they are an integral part of the company. They often respond well to being assigned to special projects that give them visibility within the organization, or put them in contact with high-level executives. These kinds of projects will boost their morale.
And, because “A” players often think outside the box, they often respond positively to others who do so as well. They tend to value flexibility in terms of scheduling, so it may be a good idea to offer options beyond the traditional 8 to 5.
“Flexibility in terms of work hours and arrangements — such as ability to take nonpaid leaves, do job-sharing, or work remotely — count heavily,” says Dutra.
Communicate, Communicate, Communicate
Offering a clear career path isn’t the only key to keeping talent satisfied: Managers must be able to communicate, which requires a fine balance of talking and listening.
Set up regular one-on-one meetings between managers and employees. Make sure to have conversations about how each employee’s work fits with the larger goals of the company. Give critical feedback. What is the employee doing well?
Where can he or she improve?
In her Fortune magazine article, “How to Keep Your Stars from Leaving,” author Anne Fisher says, “Predicting what will motivate any one stellar performer to stay is, to put it mildly, an inexact science. The surest way to find out what would keep your stars from heading for the exits? Ask them.”
Find out what your “A” players are currently working on that inspires them, what skills they would like to further develop, and where they eventually want to be.
Not only does this show your concern for employees and their goals, but it also gives you a clear sense of what you can do to keep your elite satisfied.
Recognize Great Achievements
Preeminent performers within companies often value recognition itself much more than a “reward” of a gift card or movie tickets—but be careful how you offer these rewards.
Stuart says it is important to reward truly exceptional behavior and to save recognition for employees who truly go above and beyond what is expected of them.
A great way to recognize an excellent employee is to invite them to a meeting with higher-ups and recognize them there, or point out their achievements at a company meeting.
Foster a Learning Environment
All-star players want to improve what they do, which means they value educational opportunities. One great way to keep top talent loyal to your organization is to offer them chances to build on what they know.
Offering onsite seminars, invitations to professional conferences or opportunities to work with C-level mentors are all excellent ways to keep your golden employees motivated.
If your organization is less education-oriented, or if you don’t have the funding to hire guest speakers on a regular basis, there are still ways for you to appeal to the desire for new knowledge. Finding time to discuss the latest industry blogs or bestsellers is one possibility.
Fostering an environment of continuing education, coupled with recognition, a clear career path, and continuous communication will help you protect your greatest assets: Your top performers.
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