Keeping top performers is critical to business success. It figures prominently into customer satisfaction, sales, and a positive work environment.

But when the economy improves, surveys show that more Americans are likely to pound the pavement in search of better opportunities. With current economic conditions on an apparent upswing, it’s now more urgent than ever to retain valuable employees and their expertise.

Money isn’t everything

Good compensation and a healthy benefits package are certainly essential to attracting a desirable workforce, but holding on to quality employees requires much more than a fat paycheck and rich extras.

The reality is that employees actually leave managers and supervisors more often than they leave companies or jobs. If supervisors do not make employees feel valued, it’s likely that an organization will experience ongoing turnover.

To bolster retention, management must continually demonstrate to its talented employees that worker contributions are wanted, needed, and appreciated.

Recognition + respect = retention

Good retention strategies are multifaceted, and the best ones include recognition for “a job well done” as well as opportunities for growth and professional advancement.

Performance recognition is critical. People want to know they’re succeeding and that their talents and capabilities are being used in ways that make a meaningful difference to the business. Employees who feel that their actions are fulfilling a need will develop a stronger sense of belonging and ownership in the organization. Those who feel they are trusted, respected, and appreciated are more likely to be loyal. A pat on the back or public acknowledgement can reinforce loyalty and foster an atmosphere of respect.

Taking respect to the next level means listening to employees. Workers need to know they have a voice. Staff members who believe their managers are receptive to their input will go to great lengths to delight customers. They will also be more motivated, taking their job performances beyond job descriptions.

Management must proactively solicit ideas and establish a culture that encourages employee feedback, ideas, and suggestions for continuous improvement. And wherever possible, employee suggestions should be implemented.

Professional development is another excellent way to show support and retain employees. Individuals want to grow in their knowledge, skills, and careers, whether it’s by being involved on a special committee, attending a seminar, or participating in ongoing training. Companies that wish to develop dedicated workforces should provide both formal and informal learning opportunities and programs, such as tuition reimbursement, cross-training, and continuing education.

Employees who are primarily future- and goal-oriented will seek work that suits their interests and provides them with a challenge. Make an effort to determine the interests of your best employees, and find ways to meet these interests through job roles, mentoring, and challenging stretch assignments.
 
Positive communication

Satisfied employees consistently report that they know, without a doubt, what is expected of them. When expectations are changed without adequate communication, people become stressed and insecure, and they begin to feel unsuccessful.

Managers must strive to treat valuable employees as influential contributors. By sharing key business objectives and updates on the performance of the business, leaders can create better understanding while furthering employees’ job satisfaction. Above all, managers should clearly communicate objectives, responsibilities, and expectations.

Balance matters

Even the most career-oriented employees crave work-life balance. This desire has led many organizations to offer alternative work arrangements, such as flexible starting and ending times, telecommuting, and job sharing.

Beyond these measures, it’s also a good idea to spend time with top performers to find out what they really value from their professional lives, how they rank their satisfaction levels, and where they view opportunities within the company. Organizations that care about retention will take this information and act on it -- to prevent valued employees from working with one eye on the door.