You don’t need to give your star employee a promotion to keep them happy
It’s not always possible to offer a promotion to someone who is ready for one. This can be frustrating to a high-performing employee who’s looking for the next step as much as it’s frustrating for you to have a star you want to retain but aren’t sure how.
There are ways companies can nurture future leaders while also engaging them so they don’t leave the company to find opportunities elsewhere.
Don’t require a title to sit at the table—Meetings are often limited to certain levels. Even the meeting title describes who should be there (e.g., the senior management meeting). Adding someone who doesn’t have the title, but does have the potential, brings more diversity while also making that person feel they have something to contribute thereby increasing their engagement. It allows them to acquire knowledge from the leaders in the organization.
Offer leadership opportunities instead of leadership titles—Companies have all kinds of projects and initiatives at any given time. The default is to put someone with a manager title in charge. Instead, offer your star employee the opportunity to lead an interesting project. They will learn and grow, staying engaged in their work and the organization.
Keep your best employees engaged until you can offer them a promotion.
I love helping leaders. If you’d like coaching to help you create your own plan for retaining top talent, book a free consultation, visit https://calendly.com/keri2ellevate