Every company wants to hang onto their top performers and to make sure they maintain their edge. These are the people who have an outsized impact on the company’s performance as a whole.
Most companies know who their top performers are, but, surprisingly, not that many make the effort to ensure they stay with the company. Here are some ways to reward top performers.
Pay is still the most important factor in job satisfaction. Recent surveys show that top performers care more about pay than mediocre employees. If there is little difference in the pay increases average employees receive and those that the best receive, the outstanding people grow very dissatisfied.
However, if there is a huge gap in base pay between top people and those below, you risk lowering company morale and increasing resentment. The best way to stratify pay is through bonuses. The best companies have no limit on the amount they offer in bonuses, while lower performing companies set limits on bonus amounts.
This is also important to top performers. In a recent survey, top performers said they would like some kind of feedback at least every month. So, if managers at your company are meeting with employees for performance reviews only once every six months or annually, your best people will become frustrated.
Part of retaining top performers is showing how much you appreciate them, and providing regular feedback is one way of doing this, of showing how much you value these outstanding people.
3. Opportunities for growth
Top performers are generally more motivated to learn than other employees and make more of an effort to enhance their knowledge base. However, they also expect their companies to help them grow and develop in their careers with more formal types of training programs. But many companies are falling short in this area. One way to reward your best people is by developing training programs that are geared just for them.
Another way to retain top performers is by giving them new challenges and responsibilities and focusing on what they will learn from these new opportunities.