Managing star employees is a difficult task for leaders. These employees deserve to be rewarded for their performance, but rival organizations recruit them so competitively that rewards alone are not enough to retain them. Instead, leaders must work to engage their star employees, according to the Harvard Business Review.
Here are four ways leaders can manage these key team members:
1. Know who they actually are. Performance assessments can easily become popularity contests for people who are good at taking credit for team achievements. Organizations must institute quantitative performance measures, utilize psychological assessments and pay attention to employee reputations among their colleagues.
2. Let them know that you know their value. Star employees are more likely to remain with an organization if they know their value is acknowledged by leaders who plan to invest in their future with the organization.
3. Make an effort to engage them. Align their activities with their interests to ensure they remain curious about their day-to-day responsibilities. Star employees appreciate autonomy, so give them resources and let them do their work without micromanaging them.
4. Remember that money isn't everything. Money is how most organizations keep their star performers happy, but it is ultimately a poor driver of satisfaction. Pay your stars generously, but do not neglect the other psychological desires people look for their jobs to fulfill.