You’ve probably heard the saying, “a great employee is hard to find. Don’t leave it up to good luck to keep them.”
Yet, on more than one occasion when a leader is asked how they managed to hire and keep such a great employee, the response is something like, “Just got lucky this time.”
Top performers are critical assets to any organization and losing them can have a significant impact on the overall success of the business. Retaining these employees should be a top priority for organizations and it requires a deliberate and proactive approach.
Here are some strategies that organizations can use to retain their top performers:
Offer competitive compensation and benefits packages: Top performers often have multiple job offers and they will choose the organization that offers them the best compensation and benefits package. Organizations need to offer competitive salaries, bonuses, and benefits to retain their top performers.
Provide opportunities for growth and development: Top performers are usually ambitious and seek opportunities for growth and development. Organizations must offer opportunities for training, mentoring, and career advancement to retain these employees.
Create a positive work environment: A positive work environment can improve employee morale, job satisfaction, and retention. Organizations should create a culture of respect, collaboration, and recognition to retain their top performers.
Recognize and reward top performers: Recognizing and rewarding top performers can help to retain them. Organizations should implement a recognition and rewards program that is uniquely tailored to acknowledge the contributions of individual top performers.
Provide work-life balance: Top performers value work-life balance and are more likely to stay with organizations that offer flexible work arrangements, such as telecommuting, flexible hours, and paid time off.
Organizations can increase their chances of retaining their top performers and improve their overall business success only with a clear and well-defined retention strategy that outlines their approach to retaining top talent. The strategy should include specific goals, metrics, and action plans for retaining employees. Without a clear talent retention strategy, finding AND keeping that top performer will be about as likely as finding that elusive four-leaf clover … good luck!
Dr. Merrylue Martin is President and CEO of the Job Joy Group and best-selling author of the Big Quit Survival Guide. To learn more, visit www.JobJoyGroup.com