Any business that has recruited staff would be aware that top performing employees are incredibly difficult to find and keep long-term. Research surrounding top performers provides a sobering insight into how much they influence organisational profitability:
- + High performers are scarce; they only account for 10-15% of the entire workforce population[1]
- + The top 1% of workers produce 10% of total organisational output, whereas the top 5% produce 26%. This means a fraction of employees drive a significant amount of productivity[2].
- + Not only do top performers account for a huge amount of productivity, but there is a significant likelihood they will be looking elsewhere! One in five top performers is likely to leave within six months, and less than half are satisfied with their jobs.[3]
With the candidate market the way it is, it has been a tough few years to attract, select, and retain decent, let alone high-performing employees.
Many organisations across the country have ended up with a huge number of average employees as a result, with very little high performers (if any).
When we consider the statistics above surrounding the amount of productivity driven by the top 5% of workers, this would have a considerable impact on revenue and profitability.
However, recruitment isn’t everything. Just because you recruited an average performer, doesn’t mean you can’t coach and develop them into being a top performer.
Peoplogica have found that applying research and science-backed tools to your employee coaching programs can consistently transform average performers into top performers. By providing them with the appropriate training, appealing to their work-related interests, and coaching them in a way that is suitable to their behavioural traits, you can substantially increase the percentage of your employees that you would rehire without hesitation.
Below are just some of the tools we have found helpful in achieving this goal:
Psychometric Assessment
Many hear ‘psychometric assessment’ and their mind instantly turns to recruitment. However, these tools can be highly advantageous to employee development and succession planning. By identifying employees’ learning styles, behavioural traits, and motivators, our clients have been empowered to design training and coaching programs that work for each employee, rather than implementing a ‘one-size-fits-all’ approach that delivers average outcomes. The assessments generate coaching recommendations and insights for the manager, meaning there is minimal preparation time. Yet the payoffs are substantial to employee performance, engagement, and motivation.
Multi-Rater Surveys
180-degree and 360-degree surveys are particularly helpful in assisting employees and leaders to identify strengths and areas of development. By surveying their touch points across the organisation, the surveys provide insight into how others perceive their performance, work approach, and behaviours, and present these results in a constructive manner so the employee/leader can discuss and develop.
Sales Training
When we say ‘sales training’, we don’t mean one/multi-day events which participants view as an excuse to switch off for a few days and take advantage of free food. We mean long-term, consistent, and structured training that delivers measurable results. Sales is notorious for being a profession that is difficult and has high rates of turnover. By implementing frameworks such as Level Five, you can ensure your sales professionals and their managers have the appropriate support to meet and beat their KPIs and targets.
Peoplogica have reliably assisted its clients in turning a large proportion of their average performers into top performers by using these tools. They are easy to implement, cost-effective, and efficient – but even if they weren’t, would you really want to run an organisation full of average performers, high employee turnover, and missed sales targets/revenue growth goals?
If you’d like to get more out of what you already have and need more top performers in your team, please reach out to us at info@peoplogica.com so we can share our insights with you.
[1] https://www.forbes.com/sites/joshbersin/2014/02/19/the-myth-of-the-bell-curve-look-for-the-hyper-performers/?sh=5c0a80196bca
[2] https://www.forbes.com/sites/forbescoachescouncil/2020/01/02/the-cold-hard-truth-behind-how-many-star-employees-you-really-have/?sh=5a12c87d48d9
[3] https://hbr.org/2014/11/what-high-performers-want-at-work
Written by Peoplogica
