A 2010 survey of employees showed that an individual will hold an average of 7-10 jobs in his or her lifetime, with approximately 4.1 years spent in each position. This average is projected to grow to 10-15 jobs in a lifetime given the mobile society in which we live and the seeming proclivity of younger generations to change jobs more quickly than older generations.
In light of these numbers, it’s more important than ever for employers to carefully consider how they can retain top talent with their organizations. Here are four areas to consider.
1. Give them feedback.
Feedback is a critical component of retention. Your top talent needs to know they are doing well in your organization and that they have a bright future with you. Always tell the truth, but don’t be afraid to let them know if they are on the fast track. People are apt to stay with an organization when they believe there is room for advancement and they are appreciated.
2. Challenge them with greater responsibilities.
A high performer typically likes to be challenged. They crave advancement and more responsibility, so wherever possible, give it to them as quickly as possible. There is often a tendency to think an employee needs a certain number of years of experience before they are ready for advancement to a particular position. The reality is that some people develop faster than others (which is why they are high performers), and they shouldn’t be held back by arbitrary and sometimes antiquated rules of advancement. Keep challenging the high performers or they will go someplace where they will be challenged.
3. Make them feel part of a team.
Today’s employees want to feel like they are part of a team. Whether it’s developing small teams within the organization and setting benchmarks or milestones for achievement, or setting company-wide goals and continually reporting results compared to the goals, creating a sense of team or community within the organization can go a long way toward developing employee loyalty.
4. Develop creative compensation packages.
High performers need to be paid well and compensation can take many forms. In addition to better than adequate base pay, bonuses, and benefits, many organizations are providing deferred compensation packages with vesting requirements that are geared toward incentivizing valuable employees to remain with the organization for a long time. The longer the employee remains with the organization, the greater the reward upon retirement.
Succession planning is an important consideration for any organization. Creating and retaining bench strength will provide you a strong crop of future leaders.
Contact us at 215.441.4600 or Email if you have questions or would like to discuss how this topic may impact your business.
What tools do you use to keep your company's top talent happy and productive? Share in the comments.
