Idea in Brief
The Challenge
Unique talent can have a huge impact on the quality of the work an organization produces. So it’s crucial to keep your star performers happy.
Where Companies Go Wrong
Many bosses assume that compensation is the solution. But money on its own has seldom retained really first-class talent. Star performers also need to feel special, which means you can’t treat them as if they’re simply a well-paid cog in your machine.
What to Do Instead
A boss should show stars appreciation in three ways: by listening to their ideas, never blocking their growth and development, and taking every opportunity to praise them.
Over the past several decades managers have had to adapt to a stark reality: Individuals with unique talent can profoundly affect the value—and even the nature—of the work their organizations produce. A film studio can make a movie with or without Julia Roberts, but it won’t be the same movie. The Green Bay Packers can play football without quarterback Aaron Rodgers—but they will have to run a different offense. If a pharmaceutical company loses its star scientist, it will have to change its research program. If a hedge fund loses its investment guru, it will need to alter its approach to investing.
