You have great people in your project team and don't want to lose them. You are aware of the fact that the best talents have many options and might leave you for another position that will be closer to home, better paid or more flexible. Can you prevent this from happening? The answer to this question is yes, if retaining talent is your priority. This is not rocket science, according to the Project Times website. They recommend sticking to the following rules:
1. Concentrate on the best
Invest most of your energy in your best staff, not in poor performers. This sounds simple but is actually quite difficult in practice. Still, it is worth it. You should not only talk but also act. Meet regularly to talk about how your best people are doing. Clearly show your support and ensure your best people know that they are a priority for you.
2. Address poor performance
Focusing on the best doesn't mean ignoring the weaker ones. Starting to address the poor performance of the weaker members of your team is one of the best things you can do for your biggest talents. The good ones usually know very well who is not good and will soon get frustrated if their boss overlooks it. You must demand accountability for fulfilling tasks in an acceptable manner.
3. Explain your goals
The best talents do not necessarily want the most money. They primarily want to bring something new, to participate in something meaningful. So remind them of your corporate strategy and goals. Show how the project you are working on fits into the overall goals. Demonstrate your enthusiasm and confidence in the team.
4. Communicate sufficiently
The importance of communication in a team is a well-known cliché but still many managers underestimate and ignore it. Each project team should have a communication strategy defined in advance, with rules of when and how to share and discuss information.
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