According to statistics published in a recent HBR.org article:
— A top professional can deliver 400% more productivity than an average performer.
— One in five high performers is likely to leave you within 6 months.
— Less than half of high performers are satisfied with their jobs.
It’s no surprise, really. Your best people accomplish the most. And left untended, they will readily seek opportunities with competitors. Given how valuable high performers are to your organization’s success, how can you keep them in the fold? Start by providing what they want most:
1) Competitive compensation. In fact, high performers care more about base pay and bonus pay than average or low performers. Want to know how much is enough? Check out Kinsa’s data from recent placements.
2) Growth. Exceptional talent fears stagnancy. They continually seek to improve their skills, broaden their experience and elevate their careers. Offer continual opportunities for training to meet their desire for challenge. Help each individual map out a clear three-to-five-year career plan that offers the growth he needs and also aligns with your food & beverage organization’s goals. But don’t stop there:
- Cross-train. Nurture top talent by assigning them to projects or initiatives that broaden their knowledge bases and challenge them. The nice side effects? You’ll create a more versatile team and guard against knowledge loss.
- Broaden the scope of training you offer. In addition to education and certifications that are directly related to their careers, also offer instruction that helps food & beverage professionals better understand your organization’s “big picture.” By learning more about the organization-wide impact of their own roles, they’ll feel more valued and connected internally.
3) Flexibility. High performers are largely self-motivated. So help them establish clear goals, but then step out of the way. As much as possible, allow your top professionals to decide how they will meet agreed-upon objectives. Give them control over when and where they work. For example, consider setting up a flexible vacation policy or implementing a telecommuting policy that facilitates working from home, when appropriate.
4) Honest feedback. According to the HBR.org article, 50% of high performers expect at least a monthly meeting with managers to discuss performance, but just 53% say that their managers meet their feedback expectations. Your best food & beverage professionals want to improve themselves – and that starts with understanding what they’re doing well, as well as what they could improve upon. Make a point of providing honest, timely and regular feedback – both formally and informally.
As our economy continues to improve, hiring and retaining talented professionals will remain daunting challenges. Experts in executive food & beverage recruiting, Kinsa is here to help you meet them by creating exceptional matches. Our comprehensive search and assessment process ensures the food & beverage candidates we present will thrive long-term in your organization. Contact us today to learn more.