|
 It
is important to treat your top performers like valuable clients. It
is cost effective to keep your good employees engaged than it
is to hire and train new ones. Your top 20-25% should be treated
like your top customers.
In any organization the employees may be broadly classified into
four categories based on performance and potential. There are people
who are inadequate in both dimensions, these are called the
'strugglers' and the 'under-performers'. This calculates to approximately one fifth of
the total employee population who are at your disposal and would qualify
for the pink slip.
The other two segments comprise of the 'solid pros' and the 'stars'
these are at the high end of the curve, these are top performers who
you do
not want to lose.
10-20%
‘Underperformers’
15-30% ‘Stars’
5-10% ‘Strugglers’
50-60% ‘Solid Pros’
Building an
Effective Retention Strategy:
-
Make sure the
right person is in the right job, one's who inspire passion and
commitment.
-
Find out how
each top player likes to be rewarded or recognized, even though
money is important it is not necessarily a retention factor.
-
Employee
feedback mechanisms, such as one to one meetings with managers,
focus groups, surveys, etc. are effective mechanisms to collect the information.
-
Build a
leader centric organization creating ownership and empowerment.
-
Working hard
is critical to financial success but having fun in the process
is an added bonus. It is recommended to integrate team building events,
tournaments, games etc. to add an element of fun.
-
Keep current
market compensation packages to make sure your top performers
are compensated competitively.
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