by Mary Ann Ireland, originally published May 19, 2009 on BayBio
We’re in the midst of a lot of change. While executives are “Navigating the Storm” in these uncertain times, managers and individual contributors are also navigating their own storms – and all this is contributing to significant workplace change, ultimately affecting the bottom line.
According to a recent Society of Human Resource Management (SHRM) article, “The inability to adapt to workplace change can decrease employees’ level of engagement and effectiveness on the job as well as put organizational productivity at risk for many organizations.”
Just as companies are re-evaluating their pipelines and reducing burn rates, top performers are re-assessing their options, managing their finances, and adjusting their expectations as they plan for their future. And some will leave. These days, top talent wants more than attractive compensation - transparency and other “natural rewards” come high on their priority list.
There are always opportunities for top performers. In fact, not only are top performers actively recruited while they’re on the job, they are known for making their own opportunities, particularly when they believe they have a reason to leave.
Top performers don’t break or sink in a storm, they rise to the occasion. They know what they want, they have a portfolio of successes, and they know how to produce results – if they can excel within a company, why wouldn’t they be able to accelerate their career by shifting their course?
So how do you know if your top performers are going to stay to help you navigate the corporate storm? Can you predict whether they are ready to leave, potentially jeopardizing your business goals or funding?
The most obvious way to find out if your top performers are satisfied is to have a conversation with them – an honest, open discussion about what’s working, and what’s not, with the intention of addressing their concerns. READ: If there isn’t a manager or leader in your company that can have that kind of a conversation with any of your top performers, you’re already at risk.
What else can you look and listen for? Richard Leider, author, columnist for FastCompany, and top career coach, writes about the “natural rewards” that motivate and reward people. He notes that people work for both tangible and intangible rewards that are unique for each person. The rewards that mean the most are the direct fulfillment of their workplace values, and he locates these “natural rewards” in the following four categories: purpose, choice, connection and mastery.
These rewards can best be seen when a person judges the meaningfulness of the task, the degree of choice he/she has when selecting activities, the connection that is felt with others in doing the work and the mastery he/she shows when he/she performs these activities. What ultimately motivates us, Leider notes, can be distilled to the following formula: 1) being able to take care of what we care about, 2) using our talents, 3) in a supportive environment 4) with people who honor and respect us, and 5) for whom we can provide the same.
As you look around your organization, what do you notice? How are your top performers navigating the storm? What’s their mood? Are they supported to do what they do best? Does anyone care?
Take the time to understand what drives your ‘A’ team during the storm. Help them help you by involving them in your change process, discussing their concerns, and pursuing opportunities to advance their individual career goals while furthering the corporate mission.
Retaining your top employees is not all about the stock options, merit raises, or bonus plans. Yes, compensation is important and may well be high on a top performer’s rewards list; however, if you’re not also navigating the “natural rewards” you may be finding irreparable holes below the water line.
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