As CEO, you've put together a top-notch leadership team of high performers who have helped propel your company to new heights. But even the brightest stars can start to fade over time if you're not careful. Maybe Bob in Marketing has lost his pizzazz after a decade of continual high stakes launches. Or Sandy in Sales can't seem to recapture her glory days of closing huge multimillion-dollar deals.
What do you do when your rock star direct reports hit a rut?
Here are two powerful strategies I recommend - and one harsh truth to consider:
1 - Have "The Talk" (Compassionately) - The first step is to address the elephant in the room through an honest but caring conversation. Don't make accusations - ask questions to understand what might be behind the performance dip. Is burnout setting in? Has the role become too routine? Are there external factors distracting them? Listen without judgment, then collaboratively explore ways to reenergize the employee based on the root causes identified. Maybe it's as simple as adjusting their responsibilities or exploring a job rotation. Or perhaps you need to connect them with personal counseling resources. The main thing is to show you care and want to help them re-discover their mojo.
2 - Review Their Incentives and Advancement Opportunities - Even rock stars need new material once in a while to keep things fresh and maintain their motivation. It may be time to revisit this employee's compensation structure, metrics for achievement, or professional development plan. A staleness or lack of opportunity for growth can quickly sap the motivation of a high performer. Get creative around redefining their role with new challenges, adjusting their incentives in motivating ways, or mapping out a career advancement path that keeps them striving. Top talent needs to be compensated fairly but also see a clear trajectory for taking their impact (and income) to the next level.
The Harsh Truth: It May Be Time to Part Ways
Sometimes, even your best efforts can't rekindle the flame of a burned-out superstar. As difficult as it is, truly great leaders understand when an employee has run their course and no longer has the hunger required to perform at an elite level. In these cases, it's better for all parties to part ways gracefully rather than let resentment fester.
Make the decision as dispassionately as possible based on measurable performance metrics. Provide adequate severance, counsel them on their next move, and be prepared to backfill their role with someone ready to bring fresh energy and drive. Holding on to dead weight, no matter their pedigree, will only obstruct your company's progress.
Even your most accomplished leaders can hit a plateau or get stuck in a rut from time to time. Employ compassion, incentives, and tough love as needed to reinvigorate your top talent. But don't let misplaced loyalty keep you anchored to an unproductive situation. The hallmark of a great leader is taking courageous action – even when it's difficult – to keep your team achieving at its highest potential.
In the words of Marshall Goldsmith, one of the best leadership coaches of our time, "What got you here, won't get you there."