A company formed to run a particular type of business can only succeed only if it has the perfect staff. The right staff should include top performers in all the diverse fields. It takes real effort to identify the true talent from the crowd and hire them. But hiring the right talent does not end the ordeal. You also need to make sure that the talent stays in the firm and continues to perform efficiently.
All employees have certain expectations from the firms where they work. If these expectations are not fulfilled, the employees start looking for other better opportunities. This means that retaining the top performers in the firm also requires some special efforts. Here we have listed out a few simple tips and suggestions to ensure that the top performers remain in the firm:
Ways to Retain Top Performers at Your Company:
1. Provide the Employee the Salary He Deserves:
Be it a top performer or a regular employee, he works at the firm for salary. At any point if the employee feels that he is underpaid, he will start looking for a better opportunity. If it is a top performer from your firm, he may find the next job and the expected salary easily but you will be losing out on a very talented staff. Your competitors will always want a good performer and if it is a displeased employee, it is easy to hire him by giving him a proper salary.
Do not make this mistake. Always ensure that all your employees and especially your top performers are getting paid for their skill, effort and designation. The pay of an employee will cost the firm very little but if he leaves, the loss will be much higher. Hence do not hesitate to pay the employee for his efforts.
2. Appreciate the Effort of the Employee:
If an employee makes a mistake, the employers are the first to complain. On the contrary, if an employee does a fine job, there are few bosses who truly appreciate the efforts. This is not the right approach. Many times, as employees, we wish to be appreciated for the effort we put in.
A word of appreciation does not cost much but if you appreciate an employee, it boosts his morale, increases the confidence and helps him do the best in his job next time. So feel free to shed a few words of appreciation to encourage your employee. He should feel that his work is being noticed and his efforts are not going completely invain or waste.
3. Provide Incentives for Superior Performance:
Words of appreciation do mean a lot but that does not mean your employee will be happy just with words. Very often, you may have to provide incentives to the best employees to show them you really mean your words. The incentive may be a small amount but it can mean a lot to the employee.
You may also provide certificates that show that your employee has been the top performer in the firm. Medals are another way to appreciate the employee for his great performance. This is going to help strengthen the employee’s career profile. It will help him in his future career prospects.
4. Provide Timely Promotions:
One of the reasons why the employees do not stick to their parent firm is because they are not given timely promotions. Everyone wants to get promoted on time. If the promotions do not happen on time, the employees start feeling that they are not getting the privileges they deserve.
Each year, employees await promotions with eagerness. If they do not get promoted, it can actually lead to dissatisfaction. You cannot afford to lose a hardworking and efficient employee. The best way to retain them is by ensuring timely promotions which match the industry standards.
5. Give Him Opportunity to Handle Diverse and Challenging Projects:
Money is not the only thing that retains a top performer in the firm. While money is definitely important, there are other things that can matter equally. One such thing is work satisfaction. The top performers are individuals with immense talent. If you keep giving them the same type of work all the time, they may just quit the job due to the monotony or blandness of the job. It is necessary that you give your top performers work according to their potential. Give them an opportunity to learn if that is what they are seeking.
You need to understand the need of employees to pick up challenging projects. If there are new avenues where the employee wishes to try his hand, you need to provide that opportunity to the employee.
6. Provide Proper Health Related Incentives:
An employee usually expects security from his company. There are instances when an employee maybe ill or may not be able to work. He expects his company to provide him and protect his family in such instances. A good company usually provides proper health incentives to its employees. In many of the top profile companies, they even provide insurance cover for all their employees. The employees may also require proper leave during medical emergencies. The company should provide paid leaves during medical emergencies for employees who have been loyal to the firm.
7. Permit Leaves when It Could Be Important To The Employee:
Top performers or the really talented employees are the backbone of the firm. A firm can never run its business without the help of such employees. These are employees who willingly stay back extra hours if their work demands it. An employer should understand and cater to the needs of such employees.
At times, these employees may need a break from their routine. If they require such leaves, it is best to permit such leaves as the employee will develop greater attachment and loyalty to the firm.
Companies that refrain from providing leaves create a negative feeling in the minds of the employee. If such a feeling grows, it may eventually lead to the employee leaving the firm.
Be it a top performer or a simple employee, all of them have needs. If a firm is able to understand their needs and expectations and cater to these, they will stick to the firm for a long duration. Here are some simple ways to ensure that you know your employees and understand their needs:
8. Provide an Open Forum to Discuss Needs:
Many times, the wants of your employees could really be small and simple. It is often a lack of proper forum to discuss these wants and needs that increase the intensity of the problem leading to greater dissatisfaction. This happens in companies because there is no proper forum to discuss and sort out such issues.
A good firm should always take this fact into account and create a forum where the employees can discuss their problems and troubles. You need to have a human resource person incharge who can tackle such issues. It will help to keep the employees satisfied.
9. Ensure the Communication is Always Two Way:
Many companies and firms follow the rule book and arrange for a forum. But often these forums are just namesake. They are not effective the way they should actually be. The employees may have an opportunity to reveal their problems but there is no one providing any real solution to the problem.
If there is a forum, you also need to ensure a two way communication. If a top performer comes to you with a problem, he expects it to be discussed. He expects a solution for the problem and not just a listener. You need to have a person capable of finding solutions to such problems. Getting rid of such problems will eventually result in better performance from the employees ensuring more profits.
10. Take Feedback Seriously:
The firm’s job or responsibility is not over just at taking regular feedback from the employees. You also need to make sure that the feedback is taken seriously and corrective action is taken accordingly.
Some of these employees may come up with feedback and suggestions that actually increase the productivity and double the profits. A company that does not take its employees’ feedback and suggestions seriously ends up in huge losses in the end.
Top performers are individuals who pay more attention to their professional life than their social or personal lives. For them, their job is everything. If they come up with suggestions or tips for improvement, it is always for the welfare of the firm or organisation where they work. Their opinions matter. If you give their opinions and suggestions the importance it deserves, the company will prosper.
Very often office politics and internal jealousy prevents the messages and feedback to reach the right people at the right time. If there are loopholes in the hierarchy, it finally affects the company’s reputation. Try and create a system where even the top men in the firm are equally approachable.