And, unless your team member is under contract, the decision is theirs whether they want to remain a part of your organization or if they want to pursue other options.
If you run a small or mid-sized organization, this situation can be difficult to manage. Smaller businesses thrive when they have employees who are driven and those very employees can really have an impact on a company's bottom line. Although you can give yourself a pat on the back for onboarding employees who are great performers, you may have to apply some creative strategies to retain them.
Here, we’ll highlight some tactics you can employ to keep your top performers within your organization.
Give Recognition Where It’s Due
Most employees really want to perform well and, when they do so, they feel really good about it. Moreover, when their good performance is recognized by others - most notably managers - it can be a real boost to their morale.
Recognizing employees for their hard work costs nothing and its rewards are limitless. If done publicly, this recognition can also inspire other team members to perform better knowing that praise can also come their way should they put in maximum effort.
Compensate FairlyNot many people like to talk about their earnings, but its importance cannot be underestimated. If you have employees that are getting paid an average salary, then it shouldn’t come as a surprise to you that their performance is average.
If your organization cannot afford to pay more towards their overall salary, small incentives or bonuses still show your employees that their hard work is being noticed and appreciated. When employees know that the higher-ups in the company value their efforts, it goes a long way in building self-esteem and tightening the bond between worker and workplace.
Help them Apply Their Personal Talent to WorkSuccessful employees likely want to be able to use their talents in and out of the workplace. Within the workplace atmosphere, see if there’s a way to align their craft with your business goals. Not only does this show your commitment to your organization from the ground up, it also displays your desire to showcase their strengths. And, this seemingly small tactic can instill a sense of company pride and motivation across all employees.
Teach Top Performers How to Manage
Should you find some of your employees are quickly improving in their position and are implementing helpful strategies, yet are reaching a ceiling as to what else they can contribute, perhaps it’s time for an upward change. This talent should not be overlooked as their quick learning skills can be applied to teaching new hires how to effectively perform.
While some employees may prefer to be team members and not team leaders, it’s beneficial to give them the option. Should they want to manage, you can enroll them in management courses where they can learn how to hone the technique of organizing, and coordinating work tasks with a team.
In a small organization, there may be areas that need improvement due to not having enough employees or the right type of talent. And if you’re satisfied with your team as it is, it wouldn’t hurt to get specialized assistance from one of your existing employees.
Encourage Courses & Reimburse Tuition
Rather than spending capital on recruiting, hiring and training a consultant, manufacturers can gain a competitive edge by enrolling an employee into a school or training program. With the money saved from pursuing an outside candidate, you can now use it to pay for tuition expenses.
Steel Sharpens Steel: Surround the Best with the Best
Success can be contagious if the right people are paired together. In the same way dynamic coaches elevate their teams’ performance, the same can be applied to your organization. Top performers who have their sights on constant improvement can benefit your team immensely and instill that same type of positive energy in team members who may need a little extra nudge to reach their maximum potential.