Almost daily, we read that with our improving economy and full employment, there are more open jobs than there are people to fill them. Hence, the retention of your best performers becomes a key management concern and objective for 2019 and beyond.
One of the best ways I know to retain your talent is to continue to develop them, so they grow – and achieve personal satisfaction – as your company grows.
Now, some of you may be saying, “Well, we train our employees.” Stop thinking about training your team and make the mental shift to those activities that will “develop” them. To me, when people talk about training, they are often describing an event or meeting. On the other hand, when you focus on development, you are taking a more permanent and longer perspective to help “develop” and use the right behaviors versus a one-time event or class.
There needs to be three key components when you want to effectively develop your team to produce at a higher level on a more consistent basis.
This visual of a 3-legged stool will help you in understanding how these concepts work.
Here’s further information to help you understand the three components necessary to make your development activities successful:
- In line with what I stated above, the good performer employee must be given the opportunity to learn or acquire the new skill or knowledge.
- Next, they must be given the opportunity to apply the new skill or knowledge to their current role. Get them using the new skill as soon as possible. Discuss how you will want them to apply it even before they acquire it to help them focus on the goal you have set for them.
- Finally, they must be given the opportunity to receive feedback – constructive and meaningful feedback – from you on how they are doing in applying that new skill or knowledge. Providing your team member with the right feedback will help them learn their new skill faster and give them more self-confidence.
I cannot think of a legitimate reason why you wouldn’t follow this approach. Unless of course, you prefer mediocrity and disengaged employees.