Don’t Let Your Star Performers Part
What makes a great team and a company prosper are the star performers and the last thing you’d want is for them to quit. While most companies emphasize on hiring the best of talents, the effort should be equal or at times more to retain them. The most common mistake that most organizations commit is over-burdening their employees with work and eventually lead them to burn out. This often leads to attrition among the star employees.
Studies and surveys have revealed that high performing employees quit an organization for 3 most common reasons-
1. Excessive work pressure or disproportionate work-life balance
2. Being offered a considerable hike in compensation and benefits
3. To explore career development or new experience options
With the hunt for talent growing more and more challenging, it has become imperative for organizations to retain the high performing employees, not only to ensure a steady growth but also to avoid a cost and time burn in terms of training a new hire to adapt to the company culture.
Let us look at some easy and effective measures that organizations can adopt to curb attrition among the star performers.
1. Avoid employee burn out– The first thing that companies must pay heed is to curb over-burdening employees with work. Stretching work hours on a regular basis not only plays with the employees’ work-life balance but also adversely affects ones mental and physical wellbeing. Employees too might take up additional tasks assigned by their managers to keep the achievement momentum on, often even more than one can handle. But after a point of time, the achievements that he/she has made becomes secondary and lead the employee towards health issues. This is when the once start of the company starts to consider a switch. Burn out is one of the most cited reason for job switches among high performers at work. To avoid this organizations must ensure that they are adequately staffed, and they do not burden the employees with an unhealthy workload.
2. Design employee engagement programs– It is rightly said that organizations are like families. The stronger the bonds are between the employees and employers, the more likely are the employees to stick to the organization. It is thus a necessity to prepare well-knit employee communication network and employee engagement programs. Friday night karaoke, Saturday night parties, celebrating regional and national festivals, organizing team games and activities, involving the employees in CSR activities, can be helpful to build a great and strongly held team. It’s not always the work that matters, sometimes the fun that you have at work can also be a great motivator.
3. Acknowledge achievements– Make sure that you acknowledge every achievement and milestone that your employees reach. This boosts their morale and helps them work harder towards a bigger goal. Take time out for periodic reviews and assessments and offer constructive feedback, while you point out the drawbacks in those review, make sure you also offer a solution or a suggestion to overcome those little hurdles. You might also consider incentivising the good work done or hosting annual or quarterly rewards. This builds up a healthy competition among the employees. Ensure that you are a leader and mentor before being a boss.
4. Offer career development opportunities– Studies have revealed that organization which offer career development options have a higher retention rate compared to those who don’t. It could be in the form of opening lateral and vertical movements within the company, or sponsoring higher education, career development through trainings and seminars, participating in national as well as global events and competitions, etc. Many organizations have adopted voluntary skill development centres where employees can reskill and upskill themselves without having to take sabbaticals. Employees who are always craving for more knowledge and skill development, take heed in addressing their need.
5. Create a flexible work-culture– Time and place have become redundant in today’s digitally connected world. The new-age workforce prefers a flexible work culture which is not bound by a definite time or location. Providing work-from-home options, flexible login and log out timings, etc, can prove to be beneficial in retaining the millennial employees who value the quality of work more. This can also prove to be an added advantage for employees who stay far from workplace.
6. Offer competitive compensations and benefits– Good pay packages and additional perks and benefits like, health, life or disability insurances, academic sabbaticals, tuition fee reimbursement/sponsorship, paid holidays and vacations, ESOP options, etc. to attract and retain top talents.
With a great company culture and employee friendly policies, organizations can not only ensure a cut in attrition but also head up in the race for most preferred workplaces. Grow your business with your employees!
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