Just like in the professional sports arena, potential free agents are initially lured and then kept through a perception of a winning team. Star performers like to work with other star performers. Executive attention to an effective retention strategy can make a significant contribution to year over year results.
When good employees are retained, productivity and innovation increase as you climb the ladder together rather than putting productivity on hold as you step down a rung or two to get new employees up to speed. By retaining your best and brightest, you will reduce expenses while you make faster progress toward increased market share and organizational effectiveness.
Still not convinced?
Make retention a key element in your business strategy. You will have more enjoyment, increase profitability, improve your business valuation, and sleep better, IF you can create a team that everyone wants to play on.
High performers generate up to 67% more in revenues than average performers. An investment in them is an investment in your company. This investment shows up in a company’s financials as a cost, but look further to the bottom line and then further in time to when you want as many options as possible for succession and transition.
Effective retention strategy is not just about being a empathetic and thoughtful chief executive with staff – providing creature comforts and perks. Surveys tell us that high performers appreciate the obvious perks, but there is no replacement for a job that challenges and engages the individual on several different levels.
Let us teach your organization a formula that customizes workforce fit to the objectives of your business strategy
These are the basic principles
Performance standards -Motivation programs- Reward and compensation
Move to the next level by infusing meaning and purpose into people’s jobs. Ensure that the work is intrinsically motivating by understanding what a star’s values are.
- Cultivate a communication culture – people need others for learning and support
- Shared core values that are admired by the broader community
- Involve your people in the strategic direction of the company