As a business owner or manager, there’s nothing better than seeing your company thrive. But, even more important than steady production and increased revenue are your top performers.
Without them, the success of the business could be in jeopardy.
So, what happens if one day your top employee puts in his or her notice?
Wes Ashworth, Vice President of Executive Search, offers some insight into why your top performers may start to look elsewhere.
First, what IS a top performer?
Studies suggest that a top performer can deliver 400% more productivity than the average performer. They are typically happier in their jobs than the average worker, but they are also more apt to leave sooner. Here’s why.
- Lack of growth or development. Does your company invest in training and development? Is there room for advancement? Talented, motivated employees are motivated by personal and professional growth.
- Lack of creative freedom. While top performers are highly skilled and good at their jobs, they typically don’t like to be stuck in a box. “They need to feel they are a part of something bigger – they need to have a voice,” said Ashworth.
- Changes in company ownership or upper management affecting culture or job stability can send top performers looking for more secure, predictable employment.
- The company isn’t open to new ideas or innovation. They are stuck in “the way we’ve always done it.” Motivated employees are constantly looking for ways to improve and to be a part of a solution. This can mean coming up with new ways to do business, brainstorming sessions and general openness to new ways of thinking.
- Broken promises by the company on raises, promotions, or otherwise. This one is obvious. Any employee, average or otherwise, will expect management to follow through and do what they say they are going to do.
- A bad boss or micromanager. One that thinks “my way or the highway” will absolutely drive away top performers. Make sure you’re letting your top performers have some autonomy.
- Safety concerns. If employees are working with old, antiquated equipment, or in a generally unsafe environment, they will no doubt start looking for another company they would feel more secure with.
- Employees spread too thin. “Rewarding” top employees with additional duties and responsibilities can backfire if they aren’t given support or raises to justify the added work.
- Long commute time. Top employees will make the commute if they are valued and compensated, otherwise, a lengthy commute may not make sense for them.
- Lack of appreciation. Exceptional employees will notice if they are under-appreciated. Consider bonuses, appreciation lunches, certificates of recognition or other ways to make sure they know they stand out. Communication is key! Even simple verbal recognition is important.
Recruiting top performers to your company can mean ensuring your culture is one that will help retain them. Questions? Contact us at Lee Group Search.