75% of chief HR Officers reported that their companies lost some of their most highest performing talent last year, that according to a Manpower Group Survey. That’s outrageous. Turnover of star performers is like severing an artery—you may survive, but if you don’t stop the bleeding fast, you’ll die.
Why are employers losing key staff and what can be done about it? To begin, it is not surprising to see this happening. I have been predicting this would happen for years. I warned that employers who did not protect their star performers would lose them to poaching and quits as soon as the economy showed signs of improvement.
Stars are coveted and have no problem finding and securing new employment opportunities, often with significant salary increases. Keeping stars requires lots of work. As I stated in my book Uncomplicating Management, smother them with recognition, pay, opportunities, and lots of flexibility. Develop them. Identify their strengths and build upon them. Work with them. Create a performance program designed to move them to the next level of higher performance. Train them, challenge them and give them and diverse work experiences and ongoing mentoring and coaching. Invest heavily in them. They are the future. Make them your priority.
Take immediate steps to protect your stars from poachers. Make sure they are happy with their job, boss, and position. Engage them. Ensure that their needs are met. Treat them differently—for they are. Remember, it is your stars that make your organization run.
What are you doing to retain your star performers? Tell me in the comment section below.