Risk & Business Magazine Lovitt & Touché Fall 2015 - Page 20

Retaining Your High Performers Learn Some Practical Ways to Retain Your Best Employess BY: DR. BRAD SMART, AUTHOR AND PRESIDENT AND CEO OF TOPGRADING, INC. Do you have so few high performers that when one quits you feel your business is a little more at risk? I f so, at least you’re in good company. Read on, to learn some practical ways to retain your best performers. R&B talked with Brad Smart, a talent expert credited with helping leading companies such as General Electric hire, develop, and retain so many high performers it became the most valuable company in the world. company. Not any more! Small and mid size companies, especially ones that are growing rapidly, sometimes pay more, are more fun because of relaxed rules, and provide plenty of opportunities to grow. That said; my guess is that 95% of all companies feel that failing to retain high performers is a significant issue. R&B: Brad, which do a better job of retaining high performers: small companies or big companies? R&B: Why is that? Brad: Big companies used to have a huge advantage – used to – because they offered high pay and all sorts of developmental opportunities, plus the prestige of working for a famous 20 Brad: Too many reasons! A big one is that unskilled jobs are increasingly replaced by robots and other technology, so there is an increase in the demand for smarter, better educated people. And those more in demand are more easily recruited than in the past because of LinkedIn. Their RISK & BUSINESS MAGAZINETM FALL 2015 profile is out there for the world to see, so unlike a decade ago, high performers who aren’t even looking for another job are deluged with “interest” from other companies. R&B: What about the Millennials we read about? They are job hoppers, right? Brad: Ah, the Millennials, the spoiled, entitled, super special kids who think the world owes them everything! R&B: Is that stereotype true? Brad: Yes, pretty much so, and research shows that as a group, Millennials are, as you suggest, less loyal to employers than previous generations. People 32