{"id":12033,"date":"2019-05-13T06:11:50","date_gmt":"2019-05-12T20:11:50","guid":{"rendered":"https:\/\/recruitloop.com\/blog\/?p=12033"},"modified":"2023-05-10T07:45:26","modified_gmt":"2023-05-10T14:45:26","slug":"how-to-retain-top-performers-when-they-hit-the-top-of-their-pay-grade","status":"publish","type":"post","link":"https:\/\/www.zippia.com\/employer\/how-to-retain-top-performers-when-they-hit-the-top-of-their-pay-grade\/","title":{"rendered":"How to Retain Top Performers When They Hit the Top of Their Pay Grade"},"content":{"rendered":"
If you can’t retain your top performers when their salary hits a ceiling, then you’re in for a tough time. <\/p>\r\n\r\n\r\n
There\u2019s an $8.5 trillion shortage of great talent. <\/p>\r\n\r\n\r\n<\/figure>\r\n\r\n\r\n
Worse, you\u2019ll face $550 billion worth of productivity loses yearly.<\/p>\r\n\r\n\r\n
Don\u2019t worry. In this post I will reveal how to keep your top talent on board when their salary gets maxed out. <\/p>\r\n\r\n\r\n
1. Put them in the driver\u2019s seat<\/strong> <\/h2>\r\n\r\n\r\n
Give people freedom, and they’ll amaze you\u2014Laszlo Bock, Senior Vice President of People Operations at Google <\/em>and author of a best-selling management book called Work Rules!. <\/p>\r\n\r\n\r\n
Meet Michelle\u2014glossy black frame glasses. She\u2019s the CEO of Steller Performance Inc. Michelle can do the work of three while go-karting. <\/p>\r\n\r\n\r\n
The problem?<\/strong> <\/p>\r\n\r\n\r\n
You\u2019ve got your finger on the pulse\u2014 <\/p>\r\n\r\n\r\n
You don\u2019t give Michelle a wide berth and opt for micromanagement over autonomy.<\/p>\r\n\r\n\r\n
The result\u2014<\/strong><\/p>\r\n\r\n\r\n
Michelle will jump ship before you can weigh in.<\/p>\r\n\r\n\r\n
Why?<\/strong><\/p>\r\n\r\n\r\n
Andy Grove, a co-founder of Intel and the author of a legendary book called High Output Management, answers: <\/p>\r\n\r\n\r\n
Management isn\u2019t one size fits all. With low performers, you want to keep them in check. They need guidance and support. But Michelle values autonomy<\/em>. She already has stellar technical skills, and she doesn’t need you to chime in as often\u2014 <\/p>\r\n\r\n\r\n
Her performance is already in the red zone. So the best thing is to stay out. <\/p>\r\n\r\n\r\n
The tradeoff? Michelle will stick to your company like glue. <\/p>\r\n\r\n\r\n
Here are a few ways you can give Michelle more freedom:<\/strong> <\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Minimize involvement and track KPIs.<\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Offer more flexibility with work schedule (e.g., remote days<\/em>).<\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Let Michelle take as much holiday as she wants, whenever she wants (Netflix\u2019s approach <\/em>).<\/p>\r\n\r\n\r\n
Once you unplug and give Michelle more freedom, she\u2019ll never want to quit.<\/p>\r\n\r\n\r\n
2. Engage through your company vision<\/strong><\/h2>\r\n\r\n\r\n
If you wish to build a ship, do not divide the men into teams and send them to the forest to cut wood. Instead, teach them to long for the vast and endless sea\u2014<\/em>Antoine de St. Exupery, author of The Little Prince.<\/em> <\/p>\r\n\r\n\r\n
Ready for some breaking news? Michelle doesn\u2019t care much about a paycheck. She doesn\u2019t want to work for yet another money-making corporation based in Silicon Valley. <\/p>\r\n\r\n\r\n
What makes Michelle tick?<\/strong> <\/p>\r\n\r\n\r\n
Impact<\/em>. She wants to make the world a better place and make people\u2019s lives easier. <\/p>\r\n\r\n\r\n
Companies like Google and Starbucks know that. <\/p>\r\n\r\n\r\n
Google\u2019s goal is not to make the most profit or investors happy. They strive to organize the world’s information and make it universally accessible and useful. <\/em>Same goes for Starbucks. Their focal point isn\u2019t money but the customer: <\/p>\r\n\r\n\r\n
We want to inspire and nurture the human spirit \u2013 one person, one cup and one neighborhood at a time.<\/em> <\/p>\r\n\r\n\r\n
That’s how these two companies hire the best people and kept them on board. So if you want Michelle to run with you, walk the talk on the company’s vision. <\/p>\r\n\r\n\r\n
Here\u2019s how:<\/strong> <\/p>\r\n\r\n\r\n
\u25cf \u00a0\tCommunicate professed values, vision, and mission via all mediums long past the point where it gets boring (e.g., in person, emails, at all-hands meetings<\/em>).<\/p>\r\n\r\n\r\n
\u25cf \u00a0 Introduce Andy Grove\u2019s OKRs (Objectives and Key Results<\/em>) management system. It\u2019ll help keep the vision in sight. You can learn more about OKRs here. <\/p>\r\n\r\n\r\n
When Michelle knows her work matters, it\u2019ll be a long time before she calls it quits.<\/p>\r\n\r\n\r\n
3.<\/strong> Invest in growth<\/strong> <\/h2>\r\n\r\n\r\n
You pay Michelle well above market rate. But if you don\u2019t offer her growth opportunities, Michelle will walk out the door. Need proof? <\/p>\r\n\r\n\r\n
Gallup says Michelle is among 87% of millennials who stay with the company as long as it offers professional development opportunities. <\/p>\r\n\r\n\r\n
The good news\u2014 You don\u2019t need a large cash reserve or deep-pocketed investors. Here\u2019s how you can help Michelle grow and keep her for the long haul: <\/p>\r\n\r\n\r\n
Introduce a small personal development fund<\/strong>. It\u2019ll let her learn on-tap. <\/p>\r\n\r\n\r\n
Here are a few ways Michelle can use the budget: <\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Enroll in an online course (e.g., on Coursera, Futurelearn, Lynda<\/em>).<\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Register for a local conference event.<\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Receive mentoring from an expert (in person or via Skype<\/em>). <\/p>\r\n\r\n\r\n
Invest in Michelle\u2019s professional development if you want her to keep kicking goals for you.<\/p>\r\n\r\n\r\n
4. Give recognition<\/strong><\/h2>\r\n\r\n\r\n
Michelle knows she\u2019s killing it. You don’t need to keep telling her that, right? <\/p>\r\n\r\n\r\n
Wrong. <\/p>\r\n\r\n\r\n
Recognition is essential if you want to retain and keep Michelle engaged. <\/p>\r\n\r\n\r\n<\/figure>\r\n\r\n\r\n
Like all humans, Michelle craves dopamine. She can get this either via driving an F1 car or through more workplace-friendly methods like praise. <\/p>\r\n\r\n\r\n
When Michelle doesn’t get enough recognition, she\u2019ll ask herself, Who am I doing it for?<\/em> <\/p>\r\n\r\n\r\n
That\u2019s when you come in and spotlight an S <\/em>on Michelle\u2019s chest. <\/p>\r\n\r\n\r\n
Here are some ideas:<\/strong> <\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Verbally praise Michelle at least once a week (make sure to be specific and avoid the casual great job<\/em>)<\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Give her shout-outs in the #kudos<\/em> channel in Slack or use more advanced gear like Bonusly.<\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Go on social media and show appreciation for Michelle through the company\u2019s Facebook and\/or LinkedIn page.<\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Spotlight her at the next all-hands meeting and have everybody give her a round of applause (public recognition is a strong motivator and attrition killer<\/em>).<\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Offer extra time off (this won\u2019t only make Michelle happy and but also let her recharge the batteries before jumping back into the mix<\/em>).<\/em><\/p>\r\n\r\n\r\n
\u25cf \u00a0\u00a0\u00a0\u00a0\u00a0Acknowledge Michelle\u2019s efforts in a company-wide newsletter. <\/p>\r\n\r\n\r\n
What do you think? How do you hold on to your employees with maxed out salaries? Share your \u00a0comments. I can\u2019t wait to hear your thoughts! <\/p>\r\n","protected":false},"excerpt":{"rendered":"
If you can’t retain your top performers when their salary hits a ceiling, then you’re in for a tough time. In this post, guest blogger Max Woolf reveals how to keep your top talent on board when their salary ultimately gets maxed out.<\/p>\n","protected":false},"author":291,"featured_media":12038,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139,107],"tags":[],"yoast_head":"\n
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