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July 25th, 2023

READ TIME: 2 minutes & 55 seconds

The competition for top talent has reached new heights.

With globalization, artificial intelligence, and evolving consumer expectations shaping the business realm, the need for exceptional employees has never been more crucial.

Yet, retaining these valuable individuals poses an increasingly daunting challenge for employers.

While enticing perks and attractive compensation packages can be attractive, the staggering cost of employee turnover (exceeding $600 billion in 2018, projected to hit $680 billion by 2020) highlights the unsustainability of this approach.

Reports reveal that a significant number of workers contemplate leaving their positions, with unsupportive management and limited growth prospects being major contributing factors.

So what should employers do? Implement more training and development programs?

To address this dilemma, it's imperative to shift the focus towards retaining and redeveloping top performers within the organization.

However, a cookie-cutter approach won't suffice.

The solution lies in embracing personalized development that caters to the distinct challenges and aspirations of each individual.

By proactively implementing measures to support and retrain our high-flyers, we can cultivate thriving workplaces where both employees and organizations flourish.

So let’s talk about it.

Difference between developing
& retraining

Now that we've set the stage, let's dive deeper into the world of retraining versus developing to find the winning strategy for our high performers.

There is debate about which is more important when it comes to retaining and keeping your top talent trained, but I vote for striking a healthy balance between the two and to do that you have to understand the difference between them.

Retraining
The process of providing additional or updated training to employees who already possess certain skills or expertise.

Goal: keep top talent relevant and up-to-date with the latest advancements, technologies, or changes within their industry or job function.

Developing
A broader and more long-term approach that focuses on nurturing an individual's overall growth and potential.

Goal: Enhance not only technical skills but also soft skills, leadership abilities, and personal attributes that contribute to the individual's effectiveness as a top performer.

Think of retraining as the technical aspect of developing the person while development is the holistic, sometimes non-tangible approach.

Development is the heart. Retraining is the head.

Both are necessary.

Both are important.

Better Ways to Develop & Retrain

It may seem like a daunting task to try to offer personalized development to support to your teams, but when you create a culture that is known to be a learning environment, it’s becomes a fabric of the organization.

Here’s some ways you can do it:

1. Always resetting expectations
   
   When someone has been on a team for quite some time, there has been change, you can’t take for granted that they know what is expected of them.
   
   Even if it’s subtle change take the time to reframe expectations and get their insight on those changes.
   
   How to do it: Set aside time for standup one on one meetings so that you can check in with your team members on relevant tasks, questions, and expectations.
   

2. Continually give feedback
   
   High-performers need feedback. Both positive and negative. They want to know that if they are doing something right and if they are doing something wrong.
   
   They also want to know that the work they are doing is contributing to the larger success of the organization.
   
   How to do it: Make it a point to provide feedback on a regular basis. Not just when you see something wrong either. Point out the good.
   

3. Create more opportunities for ‘learning moments.’
   
   Seek opportunities to use your teams challenges as opportunities for confidence and growth.
   
   Be it personal or practical, establishing a learning environment is critical to that team member feeling connected to what they are doing and that they have the space to learn and flourish.
   
   How to do it: Role-play a tough conversation or experience with them so that the next time they face a similar challenge they are equipped with the tools to get through it.
   

4. Ask more questions
   
   There isn’t a better way to show that you care by taking time out of your day to ask questions that help you to learn more about what your team member truly needs.
   
   Allow your curiosity to lead you to connection.
   
   Here’s a few questions to get you started:

   • What aspects of your work do you find most fulfilling and captivating?

   • In your current role, what are the main challenges you're facing?

   • How do you plan to achieve your short-term and long-term career objectives?

   • Are there any specific projects, committees, or additional responsibilities you aspire to take on?

   • Is there any other area of interest or curiosity you would like to explore but haven't had the chance to delve into yet?
     

Start implementing these practices and you are sure to acknowledge to your top talent that they matter and that they work they do matters, too.

Hope this helps!

Go Deeper on This Topic

📰 Harvard Business Review, A Better Way To Develop and Retain Top Talent

🎙️ Your CEO Mentor, The Skills Shortage Episode

📚 Tracy Maylett’s, “The Employee Experience: How to attract talent, retain top performers, and drive results.”

📲 Inc.’s 5 tips for Retaining Top Talent

I hope this helps you or a leader in your circle.

Until next time,

Pierre Inspires

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I hope this helps you or a leader in your circle.

Until next time, PierreInspires

P.S. If you have any questions, thoughts, or additional stories to share, please don't hesitate to reach out. Let's support and learn from each other as we strive to become the best leaders we can be.