Do you think you are losing good people because of money? Think again.
Rarely, rarely, rarely do people leave for money. I know – your competitors and their recruiters are offering your staff significant increases to lure them away.
I know one company that lost a team member who was on $70,000 to a job offering $210,000. When that manager asked, “You really don’t think they left for the money?” My response was…maybe. But not necessarily.
You see recruiters know that there are two forces at play when people change jobs. And most managers and organizations focus on the wrong one.
There are always push reasons (what’s not working about their current position that pushes them to look for or entertain other opportunities). And pull reasons (what pulls them into the new role).
When companies lose staff they almost always focus on the pull reason. More money is always a pull reason.
While I was working as a recruiter many many people walked into my office who were absolutely gutted that they had to look for another role – despite the fact they were being paid considerably less than market value. They weren’t looking because they wanted better pay. They were looking because of a move, business closure, or other circumstance beyond their control. They loved the work, their manager, what the company stood for, etc. and that kept them in the job until something forced them to leave.
Conversely, I interviewed many many people who were being paid well above market rate who couldn’t wait to leave because they hated the work, had little respect for their manager or were opposed to what the company stood for or how senior leadership acted.
Pay regularly places well down in the reasons that people leave jobs.
Pay is also the language of job leavers. It’s an easy exit in exit interviews.
The next time you lose a good employee and they tell you it’s because they were offered more money out of the blue ask them what else they are telling fibs about.
If you’re interested in learning more about the real reasons people leave I’ve developed a cheat sheet, based on reverse engineering the 5,000 interviews I conducted during the 15 years I spent as a recruiter. It’s called the 9 Currencies of Choice and you can download it here. https://lnkd.in/gDCX_vcs