Board Converting News, January 17, 2022

Retaining Employees (CONT’D FROM PAGE 1 )

average or low-performing ones about competitive com- pensation. You must offer them a salary commensurate with their skills and at least equal to what other employers

Karie Willyerd.) found less than half of high performers sat- isfied with their current duties. One in five is likely to seek a greener pasture in the next six months. “Top performers are often less than content with their jobs,” says Avdoian. “Many want to further their careers by moving on to more promising positions.” You can take steps to keep your own best people from jumping ship. Begin by making sure you focus on the brightest stars. Avdoian suggests looking at your employ- ment pool as a complex of three classes of workers on an escalating scale of value: slackers, foundationals, and high achievers. Slackers are easy to spot: They do the bare minimum to collect their paychecks. Foundational employ- ees, in contrast, perform their duties in a conscientious and dependable manner, serving as reliable anchors to your business. The final category consists of people who outperform the norm. “High achievers are driven go get- ters,” says Avdoian. “They are your most productive em- ployees.” These individuals can deliver up to 400 percent more productivity to a workplace than other employees, according to the HBR report. With this short list in hand, make sure you give your best people the specific things they need to keep them on board. And just what do they want more than anything else? The answer is probably not surprising: The HBR re- port found that top performers care significantly more than

in your region provide. Pay For Performance

High performers also care more than their slacker or foundational coworkers about the ability to earn bonus pay based on performance. “The opportunity to make more money through their achievements is an incentive for your top performers to stick around,” says Donna Cut- ting, CEO of Red Carpet Learning Systems, Asheville, NC ( Top sales people, for example, will expect additional compensation when they outper- form their peers. The goal is to create a win-win situation for employer and worker: Fixed compensation costs re- main low while employees have the chance to earn more when they excel. A pay for performance system is a far cry from old fa- miliar reward relics of the past, such as the annual senior- ity-based salary hike and the automatic year-end bonus. The problem was that the conventional system wasn’t get- ting the job done, basically because it did not incentivize better performance. Moreover, high performers resented the fact they were not rewarded for their superior produc- tivity at a rate any higher than others. Meanwhile, ongoing salary increases bloated payrolls until the business risked becoming uncompetitive.


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January 17, 2022

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