“Great vision without great people is irrelevant.”
Arthur, a manager at a mid-size firm, read a troubling statistic: According to Harvard Business Review, one in five high-performing employees plans to leave their job in the next six months. He wanted to groom his high-performing employees for success, growing their leadership skills. But how do I know I’m not just priming them for a job with some other company? he wondered.
High-performers are 400% more productive than average employees, says the Council for Advancement and Support of Education (CASE). Arthur knew he couldn’t afford to lose his best people.
Then he read another stat: High-performing employees are only a little more satisfied with their jobs than other employees. He had an epiphany: His high-performers should get more from their job and workplace than they’re currently getting. If he gave them more, he’d increase their loyalty. Working with an executive coach, Arthur devised the following strategy.
Implement a Thorough Onboarding Process
Thorough onboarding greatly improves retention, according to the Society for Human Resource Management (SHRM). When employees understand how to contribute, they feel more satisfied—and stay longer. Onboarding ideally lasts around a year—it’s more a talent development process than an orientation, says SHRM.This process should thoroughly help employees to understand the workplace culture, how they’re evaluated, the tools at their disposal, and how their roles relate to the company’s vision, SHRM adds. Taking these steps will help mitigate the main reasons why employees leave their jobs early on.
Provide Plenty of Guidance
According to a 2015 Gallup study, half of all employees who resign leave because they don’t like their bosses. Managers who give little guidance in setting goals and priorities, and who aren’t consistently available to answer questions, are the primary reason behind their choice to leave.The younger generations of employees particularly expect a great deal of feedback and support from their supervisors. Giving them what they want will keep them from seeking it elsewhere. Hold regular one-on-one meetings with all employees to discuss their progress, challenges, and expectations.
Create a Succession Plan (and Communicate It)
If your high-performing employees don’t know your succession plan (or if you need to create one), they’re probably thinking about other career moves they can make. Involving them in the succession plan will give them more incentive to stay. Start preparing employees for more advanced roles early and pairing them with mentors who can support their development. Create action steps for promoting their work together. Provide leadership training or executive coaching to help them get ready to handle the increased responsibility. Help them improve their perception, visibility, and influence so they can go further.
Support Flexible Career Paths
The standard career ladder of generations past doesn’t always apply anymore. More often than not, once employees are exposed to a variety of job roles, they begin redefining their career objectives. In your one-on-one sessions, make it clear that you support such changes, as you want everyone to follow their passion. Help employees find appropriate mentors within the organization who can help them prepare for a new role, if they choose a different path.
Don’t Put a Cap on Incentives
According to Harvard Business Review, 73% of high-performing firms choose not to place a cap on bonus pay. When rewards are not capped, it signifies that the possibilities you can achieve together are unlimited.
Employees who regularly feel stressed are more likely to leave their workplaces, says the APA’s 2017 Work and Well-Being Survey. Ask your employees what creates stress for them, like organizational changes, interpersonal conflict, or work/life balance issues. Then create a plan together for addressing it. Reducing work stress will also give you more star performers, as it boosts productivity.
High-performing employees might not always stick around forever, but more of them will stay for much longer when you implement these strategies. Arthur found that when he showed employees his commitment to their success and satisfaction, they displayed a great deal of loyalty to the company as well.
Retain your high performing employees by offering them an executive coach to show a continued commitment to their development. Consider purchasing Joel’s book Executive Presence: 4 Ways to Convey Confidence and Command Respect as a Leader to support their continued development, too.