Retaining your star players is key to success. There are several ways that you can reward them so that they stay with you, and remain happy in their work. Here’s a list:
- Money – this is the one we think of first, but it’s not the only one by any means.
- Recognition – of a job well done. Praise them privately and in public. Give them awards.
- Personal Growth – This includes conferences, external coaching, funded education opportunities and book allowances.
- Status – Think titles, nicer offices and good parking spots.
- Autonomy – Let them make their own decisions (if they’re not already).
- Access – Let your stars have a taste of the inner circle. Invite them to part of a management retreat. Ask them for their opinion on big decisions.
- Personal Attention – I’ve interviewed several high-level stars over the past few months that are leaving because they feel ignored by top management.
Right now, someone is plotting to steal your stars. Maybe it’s a customer, a supplier, a competitor, someone they know socially, or someone they met at a trade show. What’s your plan to hold them when they are tempted with a better offer?
Have a great week!