Rewarding high performers

A recent Harvard Business Review Article examined ‘What High Performers Want At Work’ https://hbr.org/2014/11/what-high-performers-want-at-work

The article starts with the premise that a high performer can deliver 400% more productivity than the average performer.  So it makes sense to make sure that they are rewarded appropriately and are engaged at work, doesn’t it? This is particularly so, in light of the fact that if they are high performers, they are likely to be in demand and at risk of being poached by another firm. High Performer

Here are some ways we know will engage your stars:

  • The most important thing is to make sure you communicate often with your star performer – discussing their work, career objectives and level of engagement are crucial.
  • Find out what motivates them as an individual – lumping them together at review time and assessing them as against peers to set salary bands is not going to make them feel supported if that is how you are going to answer them when they query their salary review.
  • Find innovative ways to remunerate them – whether it be by additional special leave after a big transaction or project, or gift cards, or a gift to their partner, little things add up to big loyalty.
  • Give a lot of encouragement and feedback – especially if the feedback comes from clients or outside your own team.  The impact of positive psychology cannot be underestimated – you will reap great rewards if your stars know you regard them highly and acknowledge it.
  • Consider stretch assignments.  High performers enjoy achievement, and want to learn. Think about what transactions they can be included in to help them learn and grow.
  • Involve them in the business, to an appropriate level.  Help them understand your business drivers, its risks and strengths, as well as opportunities, and how they can help.
  • If they are technically excellent, help them develop the other skills needed to excel in the profession – for example client and business development, people skills, as well as practice management.

Don’t let your stars shine somewhere else.