5 Essentials for Keeping Top Talent on Your Team

Now that we've helped you find top talent, what can you do to keep them on your team?

When the economy picks up, people are going to start moving around again. What can you do right now so that when it happens, your top talent stays with your team? Here are five specific things you must do to avoid losing your star performers:

1. Challenge them

Top performers are ambitious and restless. Feed them new challenges and more responsibility, and they'll be more likely to stick with you. Special assignments, leadership roles, research and business development projects - anything that gets them involved on a higher level. To stay inspired and involved, they need to catch the vision of your organization and be a part of steering the ship. But, be careful not to overwork them or take advantage of their enthusiasm. Burnout will drive away top performers just as much as boredom will.

2. Support them

Your top talent want to see the contributions that they're making actually get implemented and change things in the organization. Provide real support for their initiatives. Make sure they have enough time and resources to see their projects through to completion. Get actively involved and offer critical feedback and insight on their projects. Show them you're interested. And be interested.

3. Reward them

Top performers want to be compensated for their extra efforts. If you don't do it, someone else will. Even if it means cutting some low performers in order to properly pay your high performers, you've got to do it. Especially in this kind of economy, you simply can't afford to retain people who aren't pulling their weight. You should be doing everything in your power to hold on to your best people. And this means raises, bonuses, and promotions. Sure, money is not the only motivator. But it's a big one.

4. Recognize them

Everyone likes to be recognized for a job well done. Top performers are no different. If they've made a real impact on your company, find a way to publically recognize them. In doing so, you'll also challenge others to achieve more.

5. Train them

Top performers place a high value on education and learning because they know that it helps them achieve their goals. Show your talent that you care about their development as much as they do. Provide multiple opportunities for learning - both inside the company and outside. From workshops and certifications to executive programs and MBAs, if you build your people, you'll be building your organization. Furthermore you'll attract more top talent because you reputation for educating your people will reach future candidates.