If you were to start a new enterprise to compete with your current organization, what talented team members would you need to bring along if you could?
In any organization, a small group of contributors makes an oversized difference in getting things done and achieving results. These franchise players are typically distributed across the enterprise and at different levels. Without them, the organization would be noticeably less effective.
Some franchise players are highly knowledgeable or have a unique technical skill set that is difficult to find elsewhere. Other franchise talent has the ability to deeply connect with key stakeholders and make the organization an attractive partner, provider, or supplier.
Franchise players who know the moving parts and processes of how the organization works are invaluable, as are the innovative geniuses who think ahead of everyone else.
Surprisingly, the number of truly remarkable contributors who are indispensable is relatively small. In smaller organizations, the franchise players can typically be counted on two hands. Even in large organizations, the number of franchise players is rarely more than 25. These are the people who would essentially torpedo an organization if they all departed at the same time.
Good leaders know exactly who the franchise players are. They think about them often and do everything in their power to keep them engaged and satisfied.
Retaining the franchise players is among the most important facets of great leadership. Yet, many leaders haven’t taken the time to specifically identify who they believe is the paramount talent. Knowing generally who is critical is not enough. It’s time to make a list.
Knowing those team members more deeply, building sticky relationships with them, and investing in their skills are all urgently important. The best leaders never delegate this investment to others.
They take a particular interest in the franchise players themselves, even when they operate at different levels. Because some franchise players are front-line contributors or work behind the scenes, this means senior leaders must seek them out and establish a connection even if they work several layers below.
Great leaders know exactly who the most talented and essential team members are across the organization. Without this knowledge and the concerted efforts to retain this talent, the organization is at risk of losing indispensable team members. The job of retention starts with knowing who represents the franchise talent inside the organization. No need to label or tell these team members how priceless they are. The key is to show them.
