Keeping Your Star Employees in a Volatile Economy

According to a recent article by Amy Gallo for the Harvard Business Review, research has shown that when an economy starts to recover, the rate of turnover increases, with the “star” employees in particular heading out to greener pastures.

Managers strive to stop the flow by offering various incentives. However, their options can be limited. Per the article:

Many companies have reduced or stopped giving bonuses or merit increases until the economy shows greater signs of recovery. Fortunately, as a manager, you have many other levers available to you that can motivate your stars and keep them happy. Relying on those other levers may cost you and your company nothing, but often they have huge value to your stars. As a manager, your role is to figure out which of those benefits matter most to your people.

Jay Conger, the Henry Kravis Research Professor of Leadership Studies at Claremont McKenna College and author of The Practice of Leadership: Developing the Next Generation of Leaders, points out:  “A lot of managers don’t realize what they have at hand.”

Making use of low-cost levers is a great way to show your stars that you appreciate them, value their work, and are invested in their careers.

Read the entire article here.

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