Recognize & reward behaviors you want in the future: publish top-to-bottom performance stats, host hall-of-fame awards, hand out special assignments, write thank-you’s, encourage best practice presentations, nominate people for public awards, pay for organization memberships and education.
I have a couple really good employees. And I want to be sure I keep them. Right now they do a lot of things for me that I couldn’t trust anyone else to do. If they were to leave I’d be in real trouble. Got any ideas?
On this one, I’d suggest playing both offense and defense. Check that you’re rewarding the right players. Make sure that you know what motivates and ties these individuals to you. Teach everyone to delegate, so that more than one person can step in when necessary. Build a team that can run the company in your absence.
Your best and brightest strive for excellence. They honestly own up to what is, and isn’t, working. As you build your dream team of the future, weed out “at leasters” and “all about me” employees.
“At leasters” will make excuses and apologies. They’ll say: “at least we (didn’t lose more, didn’t fail completely, got as far as we did).” The attitude of settling for second best can sound re-assuring, but costs the business dearly.
“All about me’s” focus on what’s best for them. They pursue what they want, protecting turf regardless of what’s best for the company. They can demand more than they’re worth, unwilling to sacrifice personal gain at crunch time.
Top players demand the best of themselves, and everyone around them. They recognize that what’s good for the organization may not always be best for them. Key players have the maturity to put the company first.
Look for individuals who have perspective, who can see the role they play within the big picture. Reward people who value process as a way to achieve short and long term goals. Focus on team leaders, who look to move the whole company forward.
Motivate more of the same by knowing what your top players value and making sure they get their needs met. Here are some of the things you’ll find valuable as tools to reward key players: recognition, protected time off, opportunity for education and advancement, linking success inside the company to personal goals. It’s not one size fits all. You’ll have to get to know what each key player wants as an individual.
Many business owners have taken the shortcut of just throwing money at key players, then watched those people jump ship. Once an employee has satisfied basic needs for food and shelter, things besides money come into play. Your job is to find out what each of your top players really values and then find a way to supply it.
It’s important to remember that key players didn’t start out that way. They grew up through the ranks, earning trust as they expanded their ability to perform. That means it’s possible for others to grow into key positions as well. Look for similar attributes: smarts, willing to learn and apply oneself, commitment to improving the organization, accurately observe what’s going on, learn from mistakes, and implement permanent solutions to problems.
Encourage key players to take time off, to test if others in the organization can successfully manage their tasks. Get key players focused on the next opportunity by encouraging them to attend classes, and take on new responsibilities. Keep their plates full with challenges, teaching them to delegate downwards to free up time for additional responsibilities.
Implement methods to audit and control tasks that are delegated. Checklists, performance reviews, and measuring results can help head off problems as new players learn to perform. Break up proprietary activities into smaller units, so that no one individual can do it all. Ask all new employees to sign confidentiality and non-compete agreements, and do the same with current employees whenever you offer them a promotion or salary advance.
Think of your key players as future owners. Motivate them to pursue long term profit and growth for the whole company. The result can be one of the most successful ways for an owner to exit: turn the company over to the next generation of employees.
Looking for a good book? Rethinking Retention In Good Times and Bad: Breakthrough Ideas for Keeping Your Best Workers by Richard P. Finnegan.
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Andi Gray is president of Strategy Leaders Inc., www.StrategyLeaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi? Please send it to her, via e-mail at AskAndi@StrategyLeaders.com or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514.
