Leadership - Developing Your Team
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If you were hoping to read a column about how to keep your star performers forever, I recommend that you turn the page – this isn't it.
The truth is that the majority of your best people will eventually leave.
Assuming that the previous statement is a fact, how do many leaders (business owners, managers, etc.) approach this challenge?
If you were hoping to read a column about how to keep your star performers forever, I recommend that you turn the page – this isn’t it.
The truth is that the majority of your best people will eventually leave.
Assuming that the previous statement is a fact, how do many leaders (business owners, managers, etc.) approach this challenge? Unfortunately, they treat their people (even their most talented employees) like a leased vehicle. These leaders try to get as much out of them as humanly possible, while investing as little that they can because they know that the lease is eventually coming due.
Did you invest in new tires and brakes immediately before turning in your last leased car? Of course you didn’t. You ran the vacuum, washed the windows and hoped the dealer didn’t notice the big scratch on the back bumper or the crack in the cup holder.
So, if we agree that our best employees will eventually leave, why not treat them like a used vehicle? Why not just work them hard while investing little until they pack up and move on?
Other than the obvious fact that improving the lives of others is the right thing to do, I believe that there are 3 key reasons why you should treat your top performers like that minivan you just bought with hopes it will last until your infant’s high school graduation.
1. Investing in your employees will dramatically improve the overall performance of your company. As Zig Ziglar states, “People don’t care how much you know until they know how much you care.” If your best team members recognize that you are just as interested in them as you are in the bottom line, they will produce more. Would your top performers be less likely to spend 45 minutes every morning on ESPN.com if they knew that you just spent $2,500 on a training class that will help them develop valuable skills?
2. Your best employees will stay longer in an environment where they are constantly being challenged and improving. The key to keeping the most talented individuals as long as possible is to diminish the powerful effects of the “grass is always greener” syndrome. One way of doing this is to ensure that they are continuously asking themselves “Would I be able to learn all this great stuff somewhere else?”
3. If and when they do leave, those employees who recognize how valuable your efforts were to their careers will provide you with two important benefits. First, they will be more likely to return and second, they will recommend their peers who will also tend to be top performers.
I’ve hopefully convinced you that investing in your best employees is not only the right thing to do but that it will significantly improve your company’s performance. Now the question becomes how do you do it?
As most leaders will agree, it’s not easy. I have heard many business owners complain that they spent tons of money on these employees and they still left. Here’s why – these companies have absolutely no idea what their employees really want or more importantly what training/mentoring/opportunities they need to get what they want.
My personal experience serves as a perfect example. Early in my career, I worked at a large consulting firm. After my first year, I decided to sign up for an expensive technology course that many others with my background and tenure had completed. Unfortunately, after 5 days of intensive training on software development the only thing I remember is that there is no way I was ever going to be a software developer. Six months later I was gone.
Later in my career, I was approaching the 1-year mark with a much smaller firm. We had recently downsized and had no immediate budget for any training. My supervisor took the time to find out what skills I thought were most important to help me reach my long term professional goals. About a month later, I was given a great opportunity to manage a sales team and work under a seasoned and extremely talented individual. I stayed another three years.
What’s the lesson? You need to find out what your employees really want. Most of the time this will require helping them uncover where they want to take their careers. Once you understand this, provide them with opportunities to develop the skills to get there. This doesn’t have to be an expensive training class in Las Vegas. It can be as simple as providing them with an opportunity to learn about another part of your business.
Be different this year. Get creative. Help your employees understand what they want and provide them with the skills to get there - the long term benefits to the bottom line will be remarkable.
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