Harvard Business Review has awesome Management Tips of the Day; today's tip is about keeping "Star Performers":
"With unemployment rates so high, you may think that your employees have no option but to stay with your company. That is a dangerous assumption. As we move into recovery, employees — especially star performers — are likely to start weighing their options. Use these four tools to keep your stars where they are:
• Praise. It is the most inexpensive and underutilized tool out there. When your stars do something right, say thank you.
• Challenging assignments. Give your top performers the opportunity to work on new projects that build their skills and give them a chance to shine.
• Development opportunities. Find inexpensive ways to deepen your stars' skills such as providing mentors or opportunities to teach others.
• Non-monetary perks. Most top performers crave things that are intangible and easy to provide, such as flexibility, better work/life balance, or more autonomy."
- from "4 Tools to Keep Star Performers During Tough Times", HBR Management Tip of the Day
Your role as a manager is to figure out which of those benefits matter most to your people. Money isn't your only tool to motivate your employees. I coach many leaders who view monetary compensation secondary to other forms of compensation. Fresh challenges, opportunities to develop and grow, and recognition are often valued more by Star Performers.
Coaching Challenge: Find out what matters most to your Star Performer(s) today by taking time to have a conversation, and show that you value them.
Thursday, April 8, 2010
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