Create a culture that means business™
Employee retention is a key goal for every company, but it’s important to drill down into this metric and make sure you’re doing a good job of identifying and keeping your top performers. These employees deliver 400 percent more productivity than the average worker, according to statistics published in Harvard Business Review (HBR). The researchers state, “Our workforce strategy goal should be to double down on retention tactics for high performers,” and further explain that, in many cases, managers aren’t meeting the needs of their top talent. The first step to nurturing your best workers is to make sure you know who they are; and a simple way to discover top performers is through rewards and recognition programs.
Look for active recognizers
The right rewards and recognition program can help determine top performers – but you may be surprised by which statistics you should look at. As to be expected, the hardest working and most talented people are likely to receive the highest amount of recognition from their supervisors. They are also likely to be recognized by their peers, since the ability to work well within a team is another important component of productivity. However, when you’re seeking out the truly top performers in your workforce, it’s also important to identify those who are most often recognizing others.
According to a recent Achievers study, employees who were promoted turned out to have a track record of actively recognizing their peers. In fact, before being promoted, these high performers sent an average of 3.8 times more peer recognition than the average employee. In this way, employee rewards and recognition programs provide two separate metrics for identifying top talent: those who receive the most recognition, as well as those who give the most acknowledgments to others.
Tie recognitions to company values
Your organization probably took significant time and effort to craft a mission and values statement. This statement is more than mere words residing on a wall, a website, or welcome pamphlet; it can serve as a dynamic tool for shaping your employee recognition program. By tying recognitions to your company’s core values, you can see which performers are embodying those values most authentically. This approach is sometimes termed “Management by Objectives,” and it feeds employee motivation by helping every member of the organization feel that their contribution is truly meaningful.
High performers have unique needs
The workplace factors that keep your super-skilled employees motivated are somewhat different from commonplace worker needs, and it’s necessary to be aware of these differences. While competitive salaries are important, HBR research points out that using regular compensation as a method of delivering employee rewards can potentially backfire and cause resentment among coworkers. On the other hand, high performers care significantly more than average about having their efforts noticed, recognized and rewarded. These rewards can be in the form of social or financial recognition, but in either case, your top talent is especially eager to receive praise, financial incentives and frequent feedback. This is another reason that if you’re in the habit of only providing annual or semi-annual evaluation sessions, the employee engagement levels of your top performers is likely to suffer.
Why you need to focus on high achievers
While highly skilled employees are slightly more satisfied with their jobs than the average worker, one in five say they’re likely to leave their current position within the next six months. Furthermore, if and when your top employees do decide to move on, their skills will lead them to easily find new opportunities. Given the high levels of productivity and the contributions these extra-competent workers make to the workplace environment, losing even one of them can be a blow to your company.
Help your top performers fulfill their potential
Employee retention is only one of many reasons that HR professionals and managers should invest in the effort to nurture high achievers. Equally important is assisting in their career growth and providing them with development opportunities to help them reach their full potential. A major component of nurturing employee success is to ensure tasks remain challenging and varied. High achievers “live for the challenge,” and seek to overcome obstacles and solve problems as a source of personal accomplishment. So make sure to provide them opportunities to stretch themselves through varied and challenging assignments.
Employee recognition best practices dictate that recognitions will be most meaningful to these talented workers if they reflect on an achievement that was truly praise-worthy. High achievers are tireless, curious, full of passion, and internal drive. If they’re recognized they want it to be for something substantial and worthwhile. In other words, don’t praise them for minutiae such as arriving on-time or keeping a clean work area. Instead, provide detailed and specific feedback that focuses on the positive impact they are making through their diligence and pursuit of excellence.
The right HR technology can be your ally
Identifying top performers can help your organization discover who your most engaged employees are (and vice versa), allowing you to effectively leverage their skills and enthusiasm as a positive force in the workplace. HR tech is steadily evolving, and data gleaned from a cutting edge rewards and recognition platform can now provide you with valuable insights to help you identify and retain your top performing employees.
To learn more about how employee recognition can help you identify and retain your top talent, as well as having a positive impact on your entire workforce, download our eBook: The Ultimate Guide to Employee Recognition.