Consider any--or all--of the steps below as ways to increase the likelihood of an A+ player remaining with your organization.
These are high potential and/or high production, high character team members--the kind you want to groom for growth in your organization.
Identify special, challenging assignments that appeal to the team member.
Identify high visibility opportunities that put team member in the sphere of influence of higher-ranking members of leadership in the organization.
Talented people rise to the level of the people they spend the most time with at work.
Evaluate where the A+ team member’s compensation is at, above or below the market?
When was the team member’s last salary adjustment or bonus payment?
Identify if or when team members might be in line for a compensation adjustment.
Discuss compensation with the team member to see if that's even a factor on their current list of important considerations (it may not be).
Losing a top performer who has leadership capabilities is devastating for organizations.
Investing in your A+ team member has a significant advantage in team member engagement, company morale, productivity and profitability.
What can you do right now to Elevate this high potential, key member of your team? It is worth your time and effort.
Figure out what it is your employees want most in life, and help them get it. Let them know that you are invested in it. Check in with them often on how it's going.
The cost of losing an employee can range from tens of thousands of dollars to 1.5-2.0x the employee's annual salary. These costs include hiring, onboarding, training, ramp time to peak productivity, the loss of engagement from others due to high turnover, higher business error rates, and general culture impacts.
The average economic cost to a company of turning over a highly skilled job is 213% of the cost of one year's compensation for that role.