Retaining Your Superstars
Do you have key team members who significantly contribute to your company’s success? Are you reliant on some of your team for their skills and contribution? How do you retain these key people?
When I first arrived in New Zealand, the company I worked for had some high performing team members who excelled at their craft. Their reputation preceded them throughout the industry and with clients. This, of course, is a major point of difference in any business’s ability to offer service levels and product quality with speed and efficiency, far beyond that of a competitor.
One of the challenges is that our competition were equally aware of who our skilled people were and as their staff turned over for various reasons they would inevitably attempt to poach our best workers. For some businesses, poaching their competitors’ best people is part of their strategy to gain market share as it simultaneously lifts their capability while reducing their competitors’ ability.
Retaining staff is important for a multitude of reasons but this is doubly so for our highly trained and skilled team members. It goes without saying that part of retaining highly valued and contributing team members is to ensure that they are well compensated. People need to feel that they are being given a fair return for their contribution. However, pay alone is not enough. Look for what high perceived and/or highly valued additions you can have. For example, company cars, gym fees, medical insurance, additional days off, and flexi working hours can all be structured in a way that the cost can be minimised, especially when considered in proportion to how much we appreciate these things. Should someone then be thinking of leaving, there is more at hand to consider losing than just an increase in salary.
Once again, these additional benefits can be matched and even bettered by a competitor who really wants someone to work for them. With this in mind one of the great and often hard-to-duplicate things that you can offer all of your team, is a great work culture. When people enjoy work and look forward to coming to work, when people have good friends at work and good systems and processes that work for them, when people have role clarity and know when they are winning at work, when they have personal development plans and the knowledge that they are cared for and appreciated, it is very hard to put a price on these intangibles.
Do your team feel cared for? Do you have a nice smoko room, clean toilets, a social club and personal development plans, to name but a few of the things people appreciate and value? When was the last time you gave positive feedback and did something a bit above and beyond to show your appreciation for a high contributing team member - maybe a weekend away with their family, a nice dinner out, or even movie tickets?
Retention of key performers requires active and deliberate intention on behalf of a business owner. Are you doing enough to keep your superstars?
