A great company needs great employees to succeed. How do you keep your best ones long term?
In a survey conducted by the Corporate Executive Board, one in three emerging star employees reported feeling disengaged from their company. Furthermore 12% of all the high potentials in the companies studied said they were actively searching for a new job. These statistics demonstrate that it is vital that businesses of all sizes nurture their star employees. As a small business it is particularly crucial that you retain your top talent. Here are some suggestions to help you do that.
Make your star employees know how valued and indispensable they are to your small business. Don’t ever make them feel like an overhead, an automaton or simply another member of the herd. Get to know them, acknowledge their skills and reward their contributions. Furthermore when important decisions are required obtain their opinion and put their insights to good use.
Give your top talent goals but also encourage their independence. Much as it is important to fuel your employees' ambition by providing them with specific targets, it is not beneficial to cage them with your own expectations. Do not try to micro-manage them. Give them roles and responsibilities where they make their own choices as often as possible so that they can prove themselves and feel they are contributing meaningfully to your smll business.
Give employees with high potential opportunities to acquire new skills, plus let your employees know that through hard work they can climb up the ladder and acquire more seniority in your small business. You should nurture your top talent's growth by offering them the opportunity to take classes, attend seminars or other educational programs so that they can develop their skills. Encourage their interests and stimulate their passion by enabling them to work on projects they can enjoy. Inform them of your vision for the future of the small business and advise them as to how they are uniquely equipped to further the growth of your company, thereby obtaining more responsibilities and seniority.
Reward star employees not only with praise but with monetary bonuses. To keep top talent you must make those employees feel respected. The CEB study showed that when employees felt undervalued and unappreciated, they sought other employment. However even though publicly acknowledging your star employees' qualities and achievements in front of their colleagues is beneficial, everybody welcomes a monetary bonus. Although words of recognition for a job well done are pleasant, material rewards give employees something tangible to show for all their efforts. After all if they have actively contributed to your small business's ever-increasing profits, they deserve a share and in allowing them to participate in your small business's lucrative successes you will encourage them to work even harder to further increase earnings.
Teach others to tap into top talent too. You may not have the time to develop your star employees, especially not on a daily basis. Make sure those who are responsible for managing them also endorse the same talent-nurturing processes.
