Keeping Your Top Talent Engaged

Keeping high performers engaged at work not only maximizes productivity, but also drives revenue up. I won't bore you with the research, but studies show that a single top achiever can deliver as much productivity as up to four average employees.

In the heart of every small business, there are standout stars – the true gems who are much more than just employees. They are the lifeblood of your venture, setting the bar with their dedication and skill. These high performers might be the unsung heroes in your entrepreneurial journey, driving your business not just towards goals, but towards groundbreaking achievements. They don't just work; they inspire, sparking innovation and setting new benchmarks for what ‘exceptional' really means.

But if they walk, you're toast. So here are the table stakes to help you retain your top talent and boost company performance at the same time.

Recognizing Your High Performers

Years ago we almost lost one of our highest performers in sales. I can't tell you how bad we would have suffered if our top sales guy walked out the door. He was well paid, had tons of autonomy, and was supported by every part of the team. So why did he almost walk?

Because our habit was to say, “greatwhat'snext” – which is another way of saying, he never felt thanked. His words to me were, “we never really celebrate our wins.” I wasn't his boss, but that didn't mean I could escape the pain of those words.

We often talk about recognizing high performers as the development of a culture of acknowledging and rewarding exceptional performance – and we're talking about pay, bonuses, and more. But that's on the reward side. The place where you might struggle, is simply in the recognition part. You think, like I did, that they would know they were awesome. And simply saying, “that was incredible, you are amazing,” feels like nothing at all.

But if you don't do it, you'll feel the consequences. And if you commit to constant recognition, you'll see that it can be a key strategy in motivating your best employees to continue delivering outstanding results.

Why They're Worth Their Weight in Gold

In the close-knit fabric of a small business, the impact of high performers is colossal. They are the trailblazers whose passion and performance ignite a fire in everyone around them, elevating the whole team to new heights. Their influence goes beyond the day-to-day; they shape the very soul of your business, weaving a culture of excellence and ambition.

Cherishing these invaluable team members is more than a strategy; it's the heartbeat of your business. Their presence is the driving force that keeps everything moving, guiding your venture through the twists and turns of the business world. Recognize them, empower them, and together, you’ll write the success story your business deserves!

The challenge?

Every person on your team thinks about recognition in a different way – and that's no different than your high performers. You might think they all want money. And while no one ever rejects a bonus, it won't do what you think it will – across the board. Some employees are motivated by extra funds, but others are looking for a different kind of investment (opportunities, challenges, moves to more strategic parts of the business).

This is why I regularly use an assessment to better understand each member of my team.

Tailoring Growth Opportunities

Here's what I know to be absolutely true. Without question. It's not your worst employees who walk away, it's your best.

So how do you keep your top talent engaged enough to make sure they're not on the verge of walking away? Make sure that you are creating the right opportunities for them.

When you do that, you're showing that you value their development and are invested in their future within the company. This is a huge strategy in retention – in all the years of managing software folks, I have rarely lost one because they felt like they were being ignored (or not developed).

Personalized Development Plans

You'll never know what your team wants to learn if you don't ask them. High performers know how they want to grow. They just don't always know if it will be ok to pursue their own development plan. So sit with them, talk with them, and co-create a personalized development plan.

I once worked with a senior engineer who wanted to learn how to be better at public speaking (which only happens by speaking more). I would have never guessed that he wanted to learn that. The only way you know how to engage your high performers is to ask!

Leadership Opportunities

Another way to engage top talent on your team is to create leadership opportunities for them. My old strategy was to put people into roles they were already doing. In other words, if they're already functioning as a team leader, then make it official. But for high performers, it just feels like more work / more hills to climb.

So I've changed my strategy on leadership to often push high perfomers into roles that are larger than them. The stretch roles. And unlike others who may shy away from those kinds of roles (or be intimidated by them), your top talent will rise to the expectations set in front of them. High performers love challenges.

Special Projects

Another approach I use when engaging top talent (beyond creating new leadership roles) is to create special projects. These are projects that have a fixed period with a fixed goal. In other words, a mountain to climb. And when you put a mountain in front of an Achiever or Driver (2 of the 8 MCode motivation dimensions), they love it. This is another reason I think every leader should know what motivates their teams (because it tells you which strategies you can use to engage them).

Creating a Culture of Recognition

There are three different approaches to building a culture of recognition to keep your top talent engaged: feedback, public acknowledgment, and peer-to-peer praise.

Regular Feedback and Reward Systems

Providing employees with consistent feedback regarding their performance is key for growth and motivation. Constructive feedback helps people understand their strengths and areas for improvement. But let's be clear, this isn't about a yearly review. I'm not against yearly reviews, but no high performer wants to wait for feedback on a yearly basis. Keep feedback flowing daily, weekly, and monthly.

Public Acknowledgment

Publicly acknowledging exceptional performance boosts the morale for the entire team. Whether through company-wide announcements, newsletters, slack channels or team meetings – highlighting the outstanding work of someone on the team helps motivate everyone on the team. It's a dynamic that encourages everyone to pursue excellence for their own moment in the spotlight. For Influencers and Relators (2 of the 8 MCode motivation dimensions) you want to make sure that you're not only highlighting the success, but the impact that it's had.

Peer-to-Peer Praise

Encouraging a culture of peers appreciating each other's accomplishments creates a supportive and collaborative work environment. This is where I find tools like Slack become so helpful, because it creates a way for one person to recognize another and then get the whole team to jump in with positive praise. When colleagues acknowledge and praise each other's work, it not only boosts morale but also strengthens interpersonal relationships.

Fostering a Collaborative and Innovative Work Environment

When it comes to maintaining a high-performing team, fostering a collaborative and innovative work environment plays a pivotal role. This environment not only energizes employees but also fuels creativity, leading to enhanced productivity and performance.

Encouraging Autonomy and Entrepreneurial Spirit

Lets assume you spent time recruiting and hiring top talent. Now lets further assume you put them to work on the top priority stuff you need done. Given all that, can you imagine how silly it would be to now micro-manage them and ask them to leave their brains at the door? It's ridiculous, and yet I see it happen all the time. Your goal should be to point to the mountains you want climbed, and let your top performers use their own talent, experience, and intuition to make the rest of the decision.

If you're deciding where to make the ascent, whether to use certain equipment (like oxygen masks), how to team up (like with sherpas) – you're not creating the environment for high performers. You're creating an environment of dependency.

Investing in Team-Building and Cross-Departmental Collaboration

The last mistake that happens in many organizations is that leaders, in response to staff complaints, shrink goals so that they can be individually owned. But what you're really doing is simply shrinking goals. Truly worthwhile efforts are collaborative (not something that a single high performer can own). And it's incredibly valuable to the high performer and to your organization to develop the capacity to work in a team and across an organization to make things happen.

The best part is that it lets Orchestrators and Optimizers (2 of the 8 MCode motivation dimensions) shine!

Conclusion

In conclusion, keeping top talent engaged at work is key for both retaining high performers and for maximizing productivity. By continuously identifying and nurturing your team, recruiting effectively, and offering compelling opportunities, businesses of every size can create an environment where high performers thrive.