How Do You Retain (and Develop) High Performers?

The Do’s and Don’ts for Retaining Top Talent.

Previously on Giuseppe’s Glimpse: In the last episode, we looked into how the future of retail hinges on leveraging customer data and innovative advertising strategies rather than merely profiting from product sales. If you missed it, catch up here! 🚀

Buongiorno everyone! 👋

One of the hardest tasks I’ve faced in my experience as an executive is figuring out the right strategy for different employee profiles. 

Thankfully, I've always worked with fantastic HR Directors, sharing these crucial decisions with experts better suited than myself. 🤝

Still, it’s always been tricky.

How do you handle the brilliant but difficult employee who excels with clients yet struggles with teamwork?

Or the dedicated, morale-boosting employee whose performance lags behind, sometimes hindering the team?

In my experience, the short answer in both cases is to either minimise their negative impact (e.g., assign solo projects to the former and less critical tasks to the latter) or let them go, as they can be toxic for the organisation and set a bad example. 🚫

But that’s a topic for another newsletter.

Today, I want to focus on how to retain and develop high performers. 

High performers 101

Not all employees strive to excel, but for those who do, it’s paramount for leaders to create the right conditions for them to thrive. 🌱

High performers can transform the trajectory of a business with a single idea, motivate the team during changes, and achieve ambitious results. 

They can be the key to securing business partners over competitors, thus gaining a competitive advantage. 

Retaining these talents is essential for a company's success. 🏆

So, what do high performers love and hate in organisations? 

What keeps them engaged and motivated? 

What frustrates them and makes them leave? 💔 

Here is my personal list of DOs and DON'Ts when it comes to high performers.

DOs

#1 Challenging work and growth opportunities 

High performers thrive on challenging work and opportunities for growth.  

They want to constantly learn and develop new skills. 

Offering clear career development paths, mentorship programs, and opportunities for continuous learning is key to retaining top talent. 📈

According to LinkedIn’s report on employee development, 94% of employees would stay at a company longer if it invested in their career.

#2 Autonomy and trust 

Giving high performers autonomy and trusting them to make decisions can significantly enhance their job satisfaction. 

While vast autonomy isn't always the right strategy and strict coordination is sometimes necessary, high performers generally prefer a ‘trust and verify’ approach over a ‘verify and trust’ one. 🤝

As highlighted in an HBR article, autonomy can lead to higher engagement, motivation and productivity.

#3 Recognition and rewards 

To stay motivated, high performers need to feel regularly recognised and appreciated for their contributions. 

This could be through formal awards, bonuses, or even simple acknowledgements. 🏅

According to a Gallup study, employees who feel adequately recognised are more engaged and less likely to leave their jobs.

DON’Ts

#1 Micromanagement

Micromanagement can be extremely frustrating for high performers, as it stifles their creativity and limits their ability to take initiative. 

Excessive oversight can lead to disengagement and reduced performance. 

I remember a few years ago a discussion with a rising star in my office about her frustration with her manager’s refusal to accept different methods. 🚫

While the issue was partly about tone and approach, the truth is that, in a fast-changing world, it’s crucial for leaders and managers to put aside their hubris and embrace different perspectives.

#2 Lack of vision or purpose

High performers want to work for organisations with a clear vision and purpose. 

They need to understand how their work contributes to broader company goals and feel their efforts are meaningful. 💫

According to a study by Deloitte, purpose-driven companies outperform their peers in both growth and profitability.

#3 Stagnation and bureaucracy 

High performers dislike environments with little room for innovation and slow bureaucratic processes. 

Reducing unnecessary bureaucracy and fostering an innovative culture can help retain top talent. 👑

A study by Miro highlights that 82% of leaders agree that innovation helps recruit and retain talent.

This approach not only keeps high performers motivated but also positions the company as a leader in its industry.

From turnover to takeoff

Employee turnover can be a major challenge for organisations of all sizes and industries. 🔄

When an organisation is losing a significant amount of its top talent, it's important for leaders to actively analyse and refine their talent acquisition and retention strategies to identify areas for improvement. 

Key steps include providing challenging opportunities, fostering autonomy, recognising achievements, and maintaining a clear vision. ✨

By identifying and addressing the root causes of turnover, organisations can create an attractive workplace that motivates top employees and allows them to thrive. 

What are your thoughts on these strategies? Have you implemented any in your organisation? 

Stay curious! 🙌

-gs

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