The Perils of the Universal Retention Strategy

It's that time of year when people naturally reflect and think about changes they want to make in their lives.? It's also the time when resumes get updated, and people spend time looking for other opportunities.? In fact, the most popular hiring months are January and February.? Are you doing enough to keep the real difference makers on your team happy?

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We're all familiar with the Pareto Principle—the 80/20 rule that suggests 80% of the effects come from 20% of the causes. It's no surprise that approximately 80% of the value generated by your organization or roughly 80% of innovative ideas often come from just 20% of your team. In some cases, the same people might be responsible for generating both.? These are the top scorers for your team.

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The remaining 80% shouldn't be considered unnecessary. They might be diligently maintaining process standards, ensuring regulatory compliance, engaged in financial oversight, or upholding quality and safety standards.? They are the defenders or blockers.

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It's crucial to recognize and appreciate the roles of both the creators and the maintainers in a well-functioning team. However, the question that often goes unasked is, what are you doing to ensure that the 20% responsible for creating value/innovation: 1) remains on the team, and 2) are focused on generating the next levels of improvements.

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It's clear which type of contributor is harder to replace - so you should develop a good strategy around retention of the 20%ers.? Otherwise, you could imagine a scenario happens in your business like described in "Atlas Shrugged." This classic novel by Ayn Rand paints a vivid picture of a world where the top creators, tired of being neglected and used by the non-creators, decide to essentially stop and leave it to the critics and the takers.? In this new world, people who recognize the obvious problem ask the famous question, "Who is John Gault?", as the engines of innovation, stability and creativity grinds to a halt.? While the book is a work of fiction, its themes challenge organizations to face the natural imbalance between creators and maintainers.

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Who are your 20% that are creating value, or are the driving force behind your major breakthroughs, improvements, and efficiency gains? They are the ones who move the needles - constantly pushing boundaries and delivering the exceptional results. What will happen when they feel undervalued, overworked, or unappreciated?

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To prevent an 'Atlas Shrugged' scenario within your team, why not simply ask the 20% what they want?? Don't leave this important question up for debate by your staff or HR team.? As they say - "don't assume" or expect that your intrinsic motivating factors are the same as these 20%ers.? Each person can respond to something different and it's good business sense to fully customize incentives for those handful of extremely valuable employees.? Communicating openly and transparently will help break down any barriers.? That way you can listen to their concerns, aspirations, and challenges.?? Ask them what they value most.? Then develop an individualized strategy to provide it based on some combination of the following:

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• Recognition and Appreciation: Regularly acknowledge the contributions of the creative 20%. Simple gestures of recognition can go a long way in fostering a positive and motivated work environment.? Understand if public or private recognition is desired - not everyone wants to be on stage.
• Empowerment and Autonomy: Provide autonomy to the creative minds. Allow them the freedom to explore new ideas and approaches without unnecessary constraints. This not only boosts morale but also enhances the likelihood of groundbreaking solutions.? This may include less bureaucracy, more authority to make decisions or just less interference by management.? Listen closely for hints that your organization may be too heavy handed.? Creative people don't always respond to the same reward structures - one size shouldn't fit all.
• Professional Development Opportunities: Invest in the growth and development of your creative team members. Offer training, mentorship, and leadership opportunities to expand their skills. A nurtured and fulfilled creative force is a productive one.? Sometimes you need to be willing to let them explore different opportunities within the organization - that's better than losing them to the competition.
• Work-Life Balance: Recognize the importance of work-life balance. Avoid burnout by ensuring reasonable workloads and providing support when needed. A happy and balanced team is more likely to sustain long-term productivity.? Flexibility has recently been a hot-button topic.? I would seek to find out if there are any underlying reasons and then work to develop a win/win scenario.

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The clock is ticking.? Headhunters and recruiters are looking for ways to lure your most valuable people away right now.? The Pareto Principle highlights the distribution of value and innovation within a team.? It's essential you pay attention to who impacts the bottom line most and to proactively develop a way to keep them, even at higher costs. By learning from the cautionary tale of 'Atlas Shrugged,' we can create an environment where the creative 20% not only thrive but also continue to be the driving force behind continued innovation and success.? Don't lose your sure thing - finding replacements for your 20%ers is not always easy or quick.? Recognize that you need to unbalance the scales to keep the engine of progress humming.? "Who is John Galt?"