How much does it cost to replace a good employee? Estimates put it at well over $60,000—and that’s to say nothing of potentially adverse changes to your team dynamic and company morale.
Needless to say, then, when you get a really good employee—someone who constantly achieves at a high level and brings real leadership to the workplace—it’s in your best interests to identify that employee; to connect with that employee; to make that employee feel valued; and to do everything you can to make that employee want to stay.
Easier said than done? Maybe—but there are definitely some steps you can take to hang on to those top-tier performers.
Take Out the Trash
Here’s a tip that may seem paradoxical, at first: One way to hang on to your best employees is to be swift to fire people. No, you obviously don’t want to fire the top achievers, but you do want to fire employees who aren’t contributing to the team or pulling their weight.
If you have an employee who simply seems like wasted payroll, then give him or her the axe. Plain and simple.
This sends a message to everyone on your team—and what it says to your top performers is that yours is a company where excellence is celebrated but waste is not tolerated. It underscores that they are truly special in your eyes, truly appreciated; they wouldn’t still be employed if you didn’t really value them.
Build Some Pride
Something else you can do: Create a brand and a culture that your employees can feel proud of. Don’t let your workplace be one that your top performers are ashamed to talk about with their friends; make it a place that instills real pride and enthusiasm. Make it a place your employees want to brag about.
A lot of this comes down to marketing. Build some positive press for your company. Use social media to publicize company achievements, and also to promote social causes the company has invested in. These are the things that will make your employees feel proud to be on the team.
Bring Meaning to Work
One more thing you can do: Let employees know that their work is meaningful. This means creating context—making sure you share your vision, mission, and goals—but it also means providing your top performers with real metrics. Get some numbers, some hard data, that let them see how their work is impacting the company, the team, and the bottom line. Make it obvious that their labors are not in vain.
Your employees want to feel like they matter—so why not help them?
Dr. Rick Goodman CSP is a thought leader in the world of leadership and is known as one of the most sought after team building experts in the United States and internationally.
He is famous for helping organizations, corporations, and individuals with systems and strategies that produce increased profits and productivity without having the challenges of micro managing the process. Some of Dr. Rick’s clients include AT&T, Boeing, Cavium Networks, Heineken, IBM, and Hewlett Packard.