Part One listed four of seven things companies can do to retain their top talent without spending a lot or giving increases in compensation.

The first four from Part One are:

1) Verbal Praise

2) Achievement Awards

3) Learning and Development

4) Fun and Recreation Events

Each of these can be done at the department or company level. Each demonstrates a culture that rewards people for outstanding effort, provides a positive culture, and a culture that signals respect for the employee.

The last three are:

5) Company Wide Attention This is a step up from department rewards and recognition. This is at the company level. It is great to be honored or recognized by one’s boss, however, when it is by the CEO or at a company level it is a completely different experience. Examples include, recognition in the company newsletter or on its Website, the up front parking space, a picture on the Wall of Fame, recognition at the annual staff meeting, a medal of distinction, any seemingly small thing for exceptional performance, for performing beyond the call of duty or an event that demonstrates extra effort.

It is often these small things that have the biggest and lasting impact.

6) Impactful and Meaningful Work This is one of the biggest reasons top talent contact executive recruiters. Top talent must be constantly challenged. They want to know what is expected of them. When clear direction is consistently lacking, they become frustrated and disengage. However, when top talent have a target to hit they will not only engage but strive to hit the bull’s eye.

Giving your best people additional challenges doesn’t mean you have to constantly be expanding their responsibilities. There is a lot of ground between saying, “That is your job and that is all there is.” to time-to-time challenging them with a special project, taking something off of your desk and giving it to them, allowing them to serve on an ad hoc project, stretching them with some strategic thinking, or involving them in an inter-department project. We find that all it takes is as little as 5% of top talent’s time to be focused on impactful and meaningful work to make a difference.

7) Feedback This seems so obvious but many managers fail to do it. This is not the “good job” feedback discussed earlier. This feedback is at a much higher level. This is feedback that all top talent want and few get. This is what we call, 1-2-1 time. These sessions can be as short as 20 minutes a month. These 1-2-1 sessions focus on their growth, on improvement, build rapport, show genuine interest by the manager, and give time to demonstrate a personal interest in that individual. In our experience, when a manager takes the opportunity to conduct a 1-2-1 on a regular basis, the employee feels a part of the organization. They have the opportunity to be involved in the department, they can give and get feedback, participate, and be heard by their supervisor.

The 1-2-1 can be one of the most powerful experiences for an employee and their supervisor and it can be done in just 20 minutes a month.

Doing one or all of these seven things can dramatically impact your department or organization. In these difficult times any one of these will cement the loyalty of those top performers to you and your company. They will stand by you in difficult times and excel in great times.

Do you have a culture of performance and feedback? To evaluate your culture, download our free Culture Assessment Worksheet. See if everyone in your company would describe your company culture the same. CLICK HERE to download.

Is your hiring process effective at attracting, hiring and retaining top talent? You can do a self assessment of your hiring methodology by downloading our 8 Point Hiring Methodology Self Assessment Scorecard. CLICK HERE to download.

If you have an idea that we missed I welcome your input and comments.

Brad Remillard