Retaining High-Potential Employees: What Are the Best HR Practices?

Hi guys, what are the good practices of HR to retain high-potential employees in the company?

Regards, GS

Options for Employee Engagement and Retention

There are hundreds of options available. A few can be:

- Celebrating birthdays and wedding anniversaries of employees
- Team outings
- Project completion dinners/get-togethers
- Recognizing talent through establishing trophies like Salesman of the Quarter, Employee of the Quarter, etc.
- Education loan schemes, vehicle loan schemes, computer, or housing loan schemes
- Sponsoring employees' higher education

However, these need to be cascaded down from the top. Your management should agree, and there is always a financial impact on the business that needs to be evaluated.

Best wishes

Dear GS, what Mr. Sundaram NK has described are the hygienic factors. The intrinsic method is career planning. Laying down a career path for the employees is a powerful tool for their retention. It will help you groom them for holding higher positions as well.

You can also support career planning with another OD intervention - Mentoring. Though mentoring is far more comprehensive, mentors can help their mentees (or learners) improve their careers as well.

Thanks,
Dinesh V Divekar

Strategies to Retain High Performers

High performers should be retained as they are a part of profit earners. Just by giving loans, you are making them borrow money for interest. You can do a few things that would really motivate them.

1. Promote them with responsibility - These individuals love to be in the spotlight and appreciate being recognized.

2. Appreciate their good work in front of juniors and have them train the juniors. This will give them the impression that they are role models for their juniors.

3. Give them a slight salary hike according to the revenue they generate as a profit for the company.

4. Form a team or sponsor their family for a 2-day outing - This will give them the opportunity to spend time with their family/team for a little relaxation.

Regards,
Sylvia

GS has written about employees having high "potential" and not "performance." You could have taken cognizance of the difference between these two words.

Regards, DVD

The high-potential employees can be retained with various means and strategies. As Dinesh mentioned, career planning and advancement opportunities are key ingredients, along with the right amount of compensation as per the market. Research suggests that engaged employees are the happiest and stay in companies for longer durations. Providing challenging tasks and opportunities for freedom to work on new initiatives are also factors that can be worked upon.

I have experienced that there are employees who seek feedback. For them, it is important to know how they are progressing to achieve goals.

Regards,
Archna

You have touched upon how to reduce attrition and thereby retain potential candidates. When we talk about potential, the company has to recognize in which area related to his job function he is strong and then give more responsibility with challenges to show growth opportunities. Sometimes we give responsibility to a person in which he is not strong or has no inclination, and after some time, he gets bored. As there are no challenges, he quits to find or satisfy his needs by looking to another company. Other things like compensation and family get-togethers are complementary to this.

Regards,
Permeshwernath

Engaging with High-Potential Employees

Have you ever tried to communicate with a high-potential employee to find out more about their expectations? This could provide them with opportunities to serve your organization better. While many members have submitted their best suggestions, I want potential employees to speak up and reveal their expectations, as I enjoy understanding their psychology. Once I have a clear picture, it is up to the management to determine how best they can utilize the potential employee in favor of the organization while meeting their expectations and requirements proportionately.

Also, try to find out and explore to what extent high-potential employees want to support and take their organization to the pinnacle of glory. These employees should give their best for their organization; otherwise, they cannot be considered "high-potential employees."

With profound regards,

Gshombal

Hi guys, what are the best practices of HR to retain high-potential employees in the company?

Regards, GS

Potential and Retention Strategies

Potential means exactly that—potential, i.e., a promise only. Set tasks and targets or personal KPIs to challenge the promise. Show the route to the corporate ladder. If indeed the promise becomes something more, he or she will be willing to stay and see how far he or she can go.