Give top employees a sense of purpose
People find meaning in being part of something that is meaningful and "bigger" than themselves. Give employees a reason to believe in the vision and mission of your company and it will become the motivational driving force for all their tasks, even seemingly mundane ones.
Studies show that employees with a strong sense of purpose are more involved, have a greater level of fulfilment and better performance than colleagues who lack that sense of purpose. They are also willing to forgo higher incomes in exchange for more meaningful work.
Ensure star employees are surrounded by people with similar values
It is a pleasure to cooperate with such people, to compete and be inspired together. Your key employees will find it motivating to work with people they can watch and learn from, trust, and maintain a common vision with. This gives them a sense of determination.
Compensation - not only financial
Here is a checklist of everything you should be able to judge in the area of compensation:
- Is your compensation better than the industry standard or what your competitors are able to offer? When answering this question, consider the age of your company, geographical location, industry standards, etc. You can also offer your stellar employees the chance to participate in and benefit from the company's growth.
- Create a salary structure that defines the lower and upper limits for each role. This creates transparency and sets solid frameworks.
- Have clearly defined roles and responsibilities throughout the company. Write down the necessary skills, experience or certification. This will make it easier for you to decide on a fair compensation package and at the same time allow your employees to find out why such compensations is being paid. This precludes any comparisons.
- Encourage regular leave, rewards and recognition. The unbeatable compensation package also consists of components that are priceless.
It depends on the leaders
Their visions, value systems, beliefs, attitudes, goals, ability to give and receive feedback all affect your key employees. Good leaders ensure their staff grow with the organisation. They create a safe place for their employees to learn new things, experiment and advance in their careers. Inspiring leaders also support a deep sense of community.
If you have leaders in your company who prioritise motivation over self-interest, your stellar employees are likely to feel loyal to them and want to share their goals or visions.
Challenges are the driving force behind motivation
Executive employees need ample opportunities to highlight or strengthen their skills or expertise at work. Otherwise, they may soon feel a sense of redundancy. Share with them the main challenges you are trying to solve. Help them set goals by giving them the chance to define their own responsibilities, choose what they like to do and be fully committed to it. Provide detailed, useful and understandable feedback. Appreciate their achievements, big and small.
Give top performers diversity in the tasks or projects they work on. Divide goals into measurable short-term goals. When they reach minor milestones, the sense of success and desire for more increases.
Do you still have doubts about whether these factors can keep your key people? Ask employees directly what they need and do so in timely fashion before they decide to leave your company.
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