Star employees will add exponentially to the success of your business, retaining them is absolutely essential if your business is to grow and reach its potential. Listed below are several ways that you can use and develop to bullet-proof your business from losing its talent.
Connecting your employee’s job with something bigger, a company mission is the most tried and tested way of retaining top talent. As reported in the Booz Allen report employees who are connected to a mission are the least likely people to leave. This mission cannot sit in a folder or only be spoken about at the company conference; it needs to be discussed non-‐stop so that it feeds into everything that everybody is doing.
Without doubt a competitive salary and benefits make your life easier when it comes to retaining your star players. It stands to reason that when your competitors come knocking at their door, a competitive salary and benefits package may discourage them from speaking to your competition and make it more difficult (and expensive) for them prise your star asset away.
Whether you're a fan of management books or not, the one overriding point on which they all agree, have always agreed and will always agree is that you cannot catch your employees doing great things too often. Giving recognition to your employees will undoubtedly create loyalty.
More responsibility and autonomy – try to make sure that contribution from the employee results in opportunity for the employee. Keeping pushing decisions as far down the line as possible
Feeling isolated from key decisions or any decisions affecting their future will lead to disillusionment amongst star employees. As they begin to add more value to the business, hardworking employees should be rewarded with increased responsibility and autonomy. This doesn't have to be dramatic and no one expects you to give major decisions over to relatively untested employees, but a slight and gradual increase in these two areas will encourage your best employees into thinking they are contributing to the overall mission of the company, which as we have discussed greatly increases the stick ability of employees – and neutralises the advances of your competitors who are trying to prise away your assets.
Create a culture of learning and mentoring. If possible give your stars access to mentors. In addition ask them:
Make sure you are helping your people learn, get better, and creating a career path to keep them moving upwards.
Your managers should continually lead by example. They should be standard bearers of the vision and values of the company and adhere to the highest possible values at all times. They should demonstrate both personal and professional qualities that your star employees aspire to emulate. Make sure they are visible, accessible and approachable to your current star employees who should become your managers of the future.
To stand a chance of retaining star employees the job must have been accurately portrayed through the job description and interview process. Nothing will turn star employees off more than finding themselves in a job that bears no resemblance to the job they thought they had gained.