The thrill of “challenging and meaningful work” is not gone for Top Performers, but it’s no longer the #1 tool to retain them. Today, it takes “higher compensation” and “work/life benefits” to hold on to your best employees.
That’s no surprise to 54 percent of ERC members whose voluntary turnover has increased, according to a recent poll.*
As they head for the exits, most employees say they are leaving for more money (69 percent), career advancement (29 percent) and options for remote work (19 percent).
Attrition is highest among professionals and semi-skilled workers (warehouse, maintenance) with 35 percent of each group resigning, according to a survey of ERC members.
At ERC, for the NorthCoast 99 Awards, we define top performers as employees who earned above-average ratings on their most recent performance review. Typically, they have eight key qualities ERC has identified:
- They achieve results.
- They’re a go-to person.
- They go above and beyond.
- They take initiative.
- They’re self-motivated.
- They think big-picture.
- They are a team player.
- They have integrity.
Not only are the expectations of Top Performers changing, but so is the generational makeup as Baby Boomers leave the workforce and Generation Zs arrive.
Younger generations are less likely to “stick it out” at unfulfilling jobs. Our research shows many Gen Zs and millennials are reassessing what matters most to them as they grapple with the continual disruption and uncertainty of the last few years. Many are demanding sustained changes, including higher compensation, more meaningful and flexible work, more action to address climate change, and an increased focus on well-being.
As the market for top talent evolves, so should your culture, operations, benefits, job descriptions and how you interact with your employees. Leadership discussions should keep these items on the agenda, especially during today’s employment climate.
Top performers are the backbone of your company. They’ll sustain you during hard times, push your organization to greater achievements and make sure you come out on top. It’s critical that you keep them engaged, happy, and supported.
* Turnover Trends Q1 2022 (April 2022)
** The 8 Defining Qualities of Top Talent (HR Insights Blog, Jan. 31, 2012)
