Honey, Employee Retention Is Much Beyond Money!

A popular saying is "Money makes the mare go." I wonder if this proverb tells the whole story. I think, money is a big thing; but not everything! When it comes to employees, money may really attract and keep them (till...?). However, think a step further, think about the 'talent' and you will notice that it is not always about money - it's the work, the challenge, the feeling of accomplishment and recognition. Many times, people in power don't agree with me and insist that employees leave only because of money. Instead of quoting studies and surveys to support my point, I ask them to forget about money part for a moment and tell me what else have they done in this respect. Sadly, they don't even realize how miser they have been in a simple thing like appreciating good work.

No doubt, the primary reason for an employee for working for any organization is money. But the work contents and working environment have a significant role to play. Whatever one may say, the supervisor's attitude and management skills have a major role in retaining the talent. Even an average employee looks forward to opportunities to perform and when she puts her best foot forward, she expects encouragement and acknowledgment from her supervisor. Unfortunately, there are very few supervisors who create right opportunities for employees; and the ones who acknowledge the performance are really rare.

A very popular quote is that employees don't leave companies, they leave managers. Even though true, it may not be very apparent, because visible is only the recent action where an employee is opting for a better salary and perks elsewhere. So immediate conclusion is that she is leaving for money. However, if you look into the rear view mirror, you will be able to find the triggering spot when at first she decided to look for options outside. In majority of the cases, it was because of the attitude of the boss or some such events which prompted her to do so.

It is but natural that only those employee would leave who can! And this 'can' is most relevant to the talented people. Talented people want much more than just a good salary. They look for excitement in the job, they seek continued development opportunities and a trusted boss to work for. They want to feel involved and unhealthy work environment does just the opposite.

Even a good brand may attract talent; but would not help retaining them. Employees may work just enough to have a good looking addition to their resume, so a company may end up only as a training centre or experimentation ground.

Star performers, even when concentrating on their work, are hunted by recruiters and competitor organizations with attractive offers. As such, there is regular evaluation of their current situation vs. alternatives not only in terms of money, but with respect to higher responsibilities, work environment and growth opportunities. So if the current company does not value their top performers, somebody else will.

The bottom line is that even though money is important, if it is not supported by positive company culture / environment, supportive / appreciative boss and work-life balance, money alone can not hold talent for very long.

If you are the owner of your business, you are responsible to provide this environment. The buck stops here! However, if you are an employee, your teams have expectations from you. May be you are not getting the treatment you deserve; but nobody stops you from taking the charge and provide the environment in your circle of influence, what you wish to have for yourself. The results will be there for everyone to see!