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Career Growth   •   Article   •   4 mins


5 THINGS YOU CAN DO TO RETAIN HIGH PERFORMERS

by Degreed, October 11, 2022
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Your best workers impact your organization in countless ways. Yes, they achieve
their objectives and produce business results. But consider how they also:

 * Motivate peers to perform at high levels
 * Refer high-quality applicants to your company
 * Advocate on behalf of your business outside work
 * Shape your company culture and facilitate long-term business growth

Gallup reports a conservative estimate that employee turnover costs equate to up
to twice an employee’s annual salary. When you lose high-performing people,
costs rise even more. And when a top employee leaves, team morale can be
damaged, creating a snowball effect that leads to even more turnover.

Companies focused on employee retention invest in workers. Let’s look at five
key ways you can engage and keep your best professionals:


1. SUPPORT CAREER GROWTH

High-performing workers want to develop skills on the job. A January 2022 survey
by the Harris Poll found that 80% of employees considered professional
development important when they considered accepting a new job.

Businesses that expect employees to stay loyal must help employees reach their
long term career goals. But a July 2021 survey by Monster found 80% of workers
don’t feel like their employers are contributing to their career growth. If your
business doesn’t foster a learning culture but a competitor does, that could
impact your retention efforts.

When you offer skill development opportunities, you provide workers with a path
for upward mobility. Plus, those newfound skills help your company.
High-performing workers can use their new skills to continue to achieve,
contribute and innovate.


2. FOCUS ON PEOPLE’S STRENGTHS

Results are typically more noticeable and work is more enjoyable and efficient
when people can fully use their skills. And this can boost employee engagement.

When managers encourage workers to use their strengths, Gallup research found up
to:

 * A 15% increase in employee engagement
 * An 18% boost in performance
 * A 10% increase in customer engagement

Think about how likely a high-achieving employee will be to stay in a position
where they’re not using their strengths. When they consider how much faster they
could grow their careers at a job that does employ their best skills, the pull
to look elsewhere may be irresistible.

Empower your managers to talk to their people about what their strengths. Ask
people what work and tasks they’d prefer. And create a career development plan
with each employee to give them opportunities to develop their skills so they
can take on the work that most interests them.

As part of career development, managers can identify personalized learning paths
that can help workers further develop skills related to their strengths. When
employees take training courses, they may uncover new strengths that could
benefit your company even more.


3. SUPPORT WORK-LIFE BALANCE

More than ever, today’s workers are considering what they want out of their
jobs. And an August 2021 survey of 4,600 workers found the top reason people
want to change careers is to find better work-life balance.

What does work-life balance look like? Employers can support their workers’
desires by offering:

 * Reasonable workloads
 * Physical and mental health benefits such as insurance
 * Flexibility in hours and work environment
 * Paid time off
 * Learning opportunities

Part of supporting an employee’s work-life balance is helping them to develop as
professionals and get more meaning from work. When you provide learning
opportunities, you can boost morale and help employees be more engaged.

According to McKinsey & Company’s 2022 American Opportunity Survey, 87% of
employees take the opportunity to work flexibly when they have it. When you
offer learning opportunities, consider on-demand formats that give workers the
ability to learn at their own pace, from wherever they are. 

Ask your employees, especially high-performers, how you can support their
work-life balance. Then work on offering the benefits your workers want.


4. PROMOTE FROM WITHIN

When you have open positions, consider moving your high-achieving employees up
the ladder rather than hiring from the outside. By promoting from within, you:

 * Reward your best employees with positions they deserve
 * Show all your workers you’re invested in their success
 * Save time and expenses on onboarding and training

Companies that promote from within create a supportive work culture. Workers
know they have a pathway to achieve and advance. That can boost results as
employees at all levels strive to perform better so they can advance, too.

Positive learning cultures have a significant impact on internal promotion as
well. Our 2021 study of more than 2,400 global workers found workers who rated
their company learning cultures as positive are 199% more likely to receive a
promotion than those who rated their company learning cultures as negative.

Be sure to offer employees opportunities to enhance their knowledge and develop
their skills so they can advance their careers and follow a career development
plan. Experiential learning opportunities provide on-the-job learning, as
employees can practice new skills in a hands-on environment.


5. BE A GREAT PLACE TO WORK

Today’s employees want more out of work than a paycheck. They want a place where
they can grow their skill set and continually learn so they can become more
well-rounded professionals. More advanced upskilling organizations report a 95%
stronger corporate culture and employee engagement than those that aren’t as
advanced.

Many workers also want their job and their company to make a positive
contribution to the world. A January 2022 worker survey by Gartner found that
since the pandemic:

 * 65% are rethinking the place of work in their lives
 * 56% want to contribute more to society
 * 52% are questioning the purpose of their day-to-day jobs
 * 50% have changed their expectations of their employers

Increasingly, professionals want their employer’s values to mirror their own. In
June 2022, a Qualtrics survey found that 56% of workers won’t consider a
workplace that doesn’t share their values.

To retain high-performing employees, create an inclusive culture that supports
all employees and promote values that matter to high performers. Values impact
everything a company does and how it presents itself to the world. They
influence an employer’s vision and mission statement, company culture, diversity
and equity, philanthropic efforts and more. 

A robust culture of learning helps an employer advance past being “the place
someone works” to become part of each employee’s identity.


USING TECHNOLOGY TO ENGAGE HIGH PERFORMERS

The right learning tech can enhance your learning culture. Want to learn more?
Schedule a personalized Degreed demo today.

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Career Growth employee retention positive workplace culture


MORE ARTICLES IN CAREER GROWTH

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   5 THINGS YOU CAN DO TO RETAIN HIGH PERFORMERS
   
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