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Losing your top performers' stings. And sadly, the high turnover rates of high performers show no signs of stopping. Based on a 2022 PwC survey, 1 in 5 stated they were "very likely" or "extremely likely" to switch companies. In addition, companies can expect to lose 20% of their workers in the rest of the year due to voluntary resignation - while Society for Human Resource Management (SHRM) estimates that the average cost per hire was about $4,700.
Here’s another shocking statistic - In 42% of companies, top performers are the least engaged at work. Meaning the star employees who deliver the most value in your team are most likely less engaged (motivated, satisfied, etc.) than the employees who bring the least value. Let that sink in.
High performers aren’t inspired all the time, and here are 5 big reasons why top performers may be miserable at work, leading up to their resignation.
#1 High performers are often overworked and not recognized
Picture this. It’s Friday evening, and the higher-ups have a sudden request for a report due on Monday morning. You know you’ll need an extra hand to complete the report and might even work overtime. So who do you call - the employee who can guarantee a well-done job or gives the bare minimum? Well, you’re going to turn to the top performer for help. Say this happens again the following week or the week after. Who are you going to turn to again? You’re always going to rely on your highest-performing members. So it’s no surprise they’ll constantly be overworked and burnt out. And imagine how frustrating it would have felt when they saw low performers constantly slacking off while they worked their heads off carrying their load.
Top performers are committed to excelling but want to be recognized. If their high productivity and contributions go on unrecognized in your company, they will excel in someone else's.
#2 They’re bored with work
It’s true. Most high performers are often ambitious and constantly want something new and challenging. It’s inherently in them as they look at jobs as problems they can resolve and thrive on meaningful work. But what happens when you give your best performers constant dull paperwork or repetitive tasks? They become bored and disengaged. Eventually, they will leave the company in search of someplace else where they could be ‘utilized’ to the fullest.
#3 Absence of regular, constructive feedback
If you are a manager or a team leader, you’ll discover that your high performers particularly crave and value feedback. They want to know what they can do differently and how they can improve. But how and when should you give feedback?
A survey found that most high-performing employees want and expect monthly meetings with supervisors to discuss their performance. Even so, only 50% of employers offer employees these feedback-oriented sessions. Another study found that only 24% of employees say their manager always encourages and shares feedback, while 16% say their supervisor never does.
The bottom line: Running annual reviews won’t cut it for your best employees. You’ll have to regularly review and engage with your team members to ensure they stay motivated.
#4 Poor performers surround them
If you want to get better at something, you’ll have to compete with someone better than you. Similarly, if poor-performing employees always surround your high performers, they’re more likely to feel very frustrated (since they’re carrying most of the workload) and not challenged. As we’ve mentioned, high performers seek improvement and development. So they’ll naturally want to be surrounded by peers and mentors who are experts in their respective fields to learn from them.
#5 You’ve failed to keep your promises to them
Promised promotions, job titles, and pay raises - if you don’t keep them, you can’t expect your employees to keep their promises to you, either. It’s also one of the top reasons high performers “quiet quit”.
When a company fails to stick to the things it negotiated with its employees, it breaks the mutual bond of trust that keeps those employees on the team. It’s really simple. Deliver what you promise, and your top performers will deliver their share of value.
Getting your high performers to re-engage is difficult, but it’s possible
Start by taking a step back and identifying what motivates and demotivates your high performers. Keep them excited about their job and listen actively when they suggest an improvement. Give them the recognition they deserve and hold poor performers accountable for their lack of performance. Doing these will help prevent your star employees from leaving for greener pastures.
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