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Nurturing high performers means not only recognizing the excellence of what they have in common, but also recognizing their differences. Consider the cases and priorities of two of her top talent in our company. One person was always working on projects and asking for schedule adjustments. She was so enthusiastic that every new project felt like a gift and an incentive in itself. Providing these talented individuals with the flexibility and new challenges they desire was about more than just recognizing excellence. Rather, understanding their individual goals and motivations is at the heart of building relationships that retain your best talent over time.
To put this into context, the national annual voluntary turnover rate is 25%, according to the U.S. Bureau of Labor Statistics. Research shows that the average cost to replace an employee is 1 to 2 times their annual salary. We have had zero voluntary turnover since his 2018, and our employee retention rate has been 100% for his seven years. I get a lot of questions from other CEOs about how they achieve these numbers, so I wanted to share my philosophy.
I believe that an individual is a representative of a group, and how we treat a single person, especially in small and medium-sized businesses where close ties are widespread, is a reflection of the value that person holds. It will convey the message to everyone. I want every employee to hear the pulse of how I’m always thinking about making our company a better place to work. When leaders invest in top performers, not just in words but in deeds, they create a greater incentive for others to become top performers themselves.
Related: 5 talent strategies to boost your bottom line
Building trust: building and passing on bonds
With a plan and the right approach to fostering relationships with top performers, leaders and middle managers can increase their chances of retaining them. These talents fall into several buckets. The first type of top performer operates independently with complete trust. He is a CTO colleague at three of the four companies I have worked at since college. We have known him for 30 years, and his determination and dedication ease a tremendous burden on me as a leader.
I have long-time colleagues, some of whom I have known for 10 to 30 years. I have the privilege of not having to invest heavily to foster these relationships because they are rooted in deep trust.
The following types of high performers earn their trust through recommendations. When hiring new people, I always ask myself who I know who could fill the position, and then I ask my colleagues if they know anyone. By using warm introductions, we bring proven performers on board and they join the chain of trust that we have already built. Finally, there are standout performers who have been good from the get-go. Not only do they fit with our company culture, they also improve the overall work experience for all of our colleagues.
Build relationships through direct reports
All employees benefit from a trusting relationship with their leaders, but it’s not realistic for one leader to maintain close relationships with everyone. Therefore, it is important to build networks that foster indirect connections. Consider our VP of Engineering. He is a close friend and long-time colleague. He oversees our largest department, our development team. He holds monthly meetings with his 14 direct reports and is always listening to the aspirations and concerns of his top performers. Regular discussions with him keep me informed about his team’s priorities and support our unified leadership approach.
I aim to replicate this model with all of my direct reports and adjust the frequency of communication to their preferences. For example, my girlfriend’s CTO and I meet one-on-one several times a year, adding in monthly conference calls and occasional discussions. Our VP of Operations prefers more regular interaction, so we discuss her and her team’s progress weekly. The goal is to establish a communication cadence that strengthens relationships with direct reports and encourages candid feedback about the team.
Related: 14 Strategies to Retain Top Talent and Build Championship Teams
Different performers have different motivations.
Understanding the unique dynamics of each team member is important to fostering a productive work environment. As a leader, it is my responsibility to recognize and celebrate their efforts in a way that personally resonates with them. For example, ensure that a team member, such as an outstanding developer who recently completed a demanding project, is not only recognized for their hard work, but also has the opportunity to experience the variety of assignments they desire.
Newcomers are welcomed in a positive atmosphere and develop a sense of belonging early on. It is important to determine what is important to you from the beginning. We recognize that transitioning from a less favorable work history may require an adjustment period, so we pay attention to the nuances of their previous experience. Masu. By showing genuine interest in their well-being and career aspirations, we set them on a path to confidence and professional growth.
Related: How to retain employees
Turn talented people into experts
Investing in high performers goes beyond just job satisfaction. It allows them to evolve into experts and leaders in their field. The history of our Vice President of Operations is a great example. Hired as a copywriter right out of college, she worked her way up through a variety of positions, gaining extensive decision-making experience along the way to reach her current position.
As her knowledge and experience within the company deepened, so did our relationship, and certain early moments proved pivotal. That’s when she was looking for her guidance and I prompted her, “What do you think?” That a foundation of mutual trust and respect has truly been laid. Over time, her decisions became more accurate and insightful. Today, she is one of the most trusted and knowledgeable voices in the company.
Our history has underscored that the heart of successful organizations beats strongest through relationships. By fostering these deep connections, we not only retain our brightest stars, but also help them reach their fullest potential, setting a standard of excellence that moves the entire team forward. Masu.
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