What do MVPs do to create value?

• They consistently produce extraordinary results -- this is an absolute prerequisite for a person to be considered an MVP.
• They create new opportunities for the business by brainstorming new ideas, making sales and finding new sources of revenue.
• They constantly try to improve products and processes.
• They're able to attract other talented people.
• MVPs represent the company well both internally and externally.

How do Corporate MVPs achieve these extraordinary results?

• MVPs are team players who recognize that a team can produce better results than any individual. They are concerned about the success of the team and the business rather their own personal success. They're good at developing other people in the business. 
• They are motivated to succeed, always wanting to do better.
• They aren't afraid to make tough decisions, whether it be related to business issues or to people issues.
• They work hard to achieve the mission and strategy of the business and constantly demonstrate the values of the company.
• They earn the respect of their colleagues and are known as people who have high integrity.

How do you attract MVPs to work for your business?

You've decided that the future growth and success of your business requires you to hire an MVP. Now what? It's important to find out where the MVPs are, both in terms of the companies they work for and their geographic location. This is relatively easy since these types of people are well known, both by people in their industry and by recruiters. The trick is to get them to want to work for your business. You'll need to ensure that there is a fit between the needs and culture of your business and the needs and style of the MVP:

• MVPs like to be constantly challenged. Consider how you can give them jobs and roles that will allow them to be challenged while using their skills and abilities to add value to your business. 
• Demonstrate how working for your company can provide them with opportunities to demonstrate initiative and creativity and how they can personally grow and develop and take on even greater challenges. 
• Since they're comfortable as team players, show them how they can work with the whole team to improve the business. 
• Finally, ensure that they're given compensation packages that reflect their value in terms of base pay, bonuses, stock options, etc.

How do you keep the MVP?

Just like a sports MVP, a Corporate MVP will thrive under the direction of a great coach, or great management. They can succeed for a time under poor management, but eventually will seek out another organization that better suits their talents. In order to retain the MVPs in your business make sure that, in addition to providing constant challenges, you delegate authority and responsibility to them and don't micromanage them. Just like their sports counterparts, Corporate MVPs need to keep score and constantly improve. Provide them with details of the business strategy and be clear on the direction you want them to follow, together with the expected results. Other tips on effectively managing Corporate MVPs include:

• Constantly solicit their ideas for improvement and, where appropriate, implement them. 
• Don't feel threatened by MVPs. They are true team players and will make you look good as long as you value their contributions.
• Give meaning to their work and role, whether it be in terms of the importance of the products and services they are providing to the market, or the fact that they're developing other people around them. 
• Make sure that MVPs achieve appropriate recognition for the value they're bringing to the company. 
• Provide them with feedback on their performance and opportunities to further enhance their careers.

Do you have the time to do all the things necessary to attract and retain a Corporate MVP? If the answer is no, we suggest you reconsider. Certainly, these actions certainly do take precious time, but the value and profitability a true MVP will bring to your business will have an impressive ROI.

MARGARET BUTTERISS and BILL ROITER are the co-authors of Corporate MVPs: Managing Your Company's Most Valuable Performers (Wiley, March 2004). For more information on the Corporate MVP concept, visit http://www.corporatemvp.com.