Management Tip of the Day: 4 Tools to Keep Star Performers During Tough Times

With unemployment rates so high, you may think that your employees have no option but to stay with your company. That is a dangerous assumption. As we move into recovery, employees — especially star performers — are likely to start weighing their options. Use these four tools to keep your stars where they are:

• Praise. It is the most inexpensive and underutilized tool out there. When your stars do something right, say thank you.
• Challenging assignments. Give your top performers the opportunity to work on new projects that build their skills and give them a chance to shine.
• Development opportunities. Find inexpensive ways to deepen your stars' skills such as providing mentors or opportunities to teach others.
• Non-monetary perks. Most top performers crave things that are intangible and easy to provide, such as flexibility, better work/life balance, or more autonomy.