Retaining Star Talent
What to Do When Your Top Employee is Thinking of Resigning
Star talent is in high demand across many sectors. Head hunters are on the look out for candidates for their client’s staff shortages and will do whatever it takes to secure someone with a great reputation. As the labour shortage increases as baby boomers retire, it is critical that leaders understand how to retain talent. Replacing talent can be costly as the expenditure of money, time and energy to recruit a replacement can be substantially higher than retention solutions. Be proactive by taking care of your star talent before he receives a competitor’s offer.
Salary Increase
The first line of defense is to review the salary history to see if a pay raise is warranted. If your star talent has remained at the same salary for two or more years, that could be a major deterrent against staying with the company. Ask your HR representative to review the salary and provide a log of accomplishments, talents and potential. If a pay raise is not possible, look into other areas of compensation that can be adjusted, such as vacation time, flex time, tuition reimbursements, car allowances and other incentives.
Promotion
Are these candidates ready for a promotion? Is there a team that is missing a leader or a new project coming up that you could hand off to them? Can their portfolio be increased or restructured? Can they get more involved in research and development of key new initiatives? Look ahead at the opportunities that are coming up that would fit with their key strengths. Strategize how to utilize their skills and talents to their full potential.
Work Space
Could you move them to a better office or workspace? Do you have access to an ergonomics specialist (or bring one in on contract) to assess their work set-up and select the best chair and keyboard for them? Creating a better work environment will motivate them to stay put.
Recognition
Have you procrastinated about offering your appreciation for their accomplishments and contributions? Often a simple thank you or other sign that acknowledges their worth causes a tremendous bout of loyalty. Staff must feel appreciated to stay at a company. Overlooking this aspect of leadership can lead to disgruntled employees. Ironically even star talent who you’d hate to lose can become disgruntled if their contributions are not recognized.
If your star talent offers skills and abilities that you need to achieve corporate strategic goals, then you must look at measures to keep them loyal to the cause and the company.
