Ever heard of the term A-players? While every employee likely provides value, the unfortunate truth in many organizations is that a smaller percentage of top performers are often providing the majority of differentiating work product.
And if you aren’t careful, those key individuals who contribute the most may be looking for opportunities at other companies. Employers who are concerned with turnover and productivity (so every employer, right?) should take three simple steps to keep these people on board.
1) Providing the Right Kind of Incentives
With many organizations, retention strategy typically follows the path of lavishing employees with a range of different perks and benefits. Time and again, studies have shown that perks and benefits are not the most important concerns for employees, especially millennials who are often seeking purpose and fulfillment.
For professionals that perform well in their field, finding a job that is going to offer quality benefits is not difficult. But positive cultures, healthy work environments and high levels of manager support are truly what retain these employees.
Creating Succession Plans for Millennials
The word “Millennial” has come to elicit many negative associations. Edward Fleischman, CEO and founder of The Execu|Search Group, said that among the many characteristics associated with a Millennial, they are often considered to be entitled, selfish, and self-absorbed.
2) Give and Receive Feedback
According to the Society for Human Resource Management’s 2016 Employee Job Satisfaction and Engagement Report, compensation and benefits had some of the greatest influence on employee satisfaction and engagement. However, topping that list was a desire for respectful treatment, followed by a desire for trust and communication between employees and senior management. So establishing an employee feedback loop can be one of the best ways to contribute to employee satisfaction and retention.
Your top employees want to do more than just draw a high paycheck and get a variety of benefits and rewards. Instead, they want a workplace that is going to inspire them to achieve their personal and professional goals.
The employee feedback loop involves managers asking questions, employees responding, and managers following-up in a timely manner. Managers who show employees that they are actually being heard, allow relationships to form and trust to be built. These are the hallmarks of healthy cultures.
Retaining New Hires Now Seen As a Critical Issue
Retaining new hires is on the minds of leaders at the vast majority of companies these days, according to a recent report by Korn Ferry’s Futurestep division, which provides advisory services and recruitment services for middle to upper level management. Ninety percent of the executives surveyed, in fact, said this is an issue for their companies.
3) Establish New Ways to Communicate With Your Team
Traditional systems for feedback are too rigid and sporadic, and they limit the potential for engagement. Under a common traditional framework, the reviled annual review process, managers assess and rank their staff instead of interacting with a focus on employee growth.
This strategy lacks regularity, and it has a way of making the employee feel as though they are apart from the organization. Indeed, reviews often feel adversarial (managers vs. employees & coworkers pitted against each other). Additionally, if any concerns from employees are expressed outside of this annual review structure, feedback from managers is often limited.
Employees want to know that their efforts are contributing and making a difference. They desire genuine, trusting relationships with their managers. When done right, an employee feedback loop will create a more dynamic workplace where people feel supported. That can increase job satisfaction in a way that will ensure the retention of your top performers.
Andrew W. Mitchell, Managing Editor
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Will Schatz, Managing Editor – Hunt Scanlon Media