With unemployment rates so high, you may think that your employees have no option but to stay with your company. That is a dangerous assumption. As we move into recovery, employees — especially star performers — are likely to start weighing their options. Use these four tools to keep your stars where they are:
- Praise. It is the most inexpensive and underutilized tool out there. When your stars do something right, say thank you.
- Challenging assignments. Give your top performers the opportunity to work on new projects that build their skills and give them a chance to shine.
- Development opportunities. Find inexpensive ways to deepen your stars’ skills such as providing mentors or opportunities to teach others.
- Non-monetary perks. Most top performers crave things that are intangible and easy to provide, such as flexibility, better work/life balance, or more autonomy.
Read full article here —http://blogs.hbr.org/hmu/2009/12/retaining-star-performers-in-t.html