One large company finds that many of their top performers are absconding:
It’s like clockwork. Every year a portion of our top talent decides it’s time to move on. Once those bonus or holiday checks are cashed, the flood gates open and the resignation letters start flowing in.
They’ve done an exit survey among the top performing employees leaving the company:
Of the 178 files, 83 people listed money as a reason for leaving. 62 listed it as the only reason.
Their conclusion: They must adjust salaries and compensation. My conclusion: They’re wrong. Here’s why.
They’ve been asking employees who have already taken new jobs, and the reason they took those jobs may well be a higher salary. But there’s a more pressing question: Why were these top performers looking for a new job in the first place? Take a closer look at that, and I bet you’ll find that money doesn’t matter much.
Many of the truly great workplaces who enjoy extremely low employee turnover rates, set salaries at about market-average. Most of their top employees could switch jobs tomorrow and get 25% more at a different company. They don’t because they really, really like their jobs.
When I asked the readers of this blog what makes them happy or unhappy at work, salary only cropped up once, and that was a too low salary making someone unhappy.
My alternative conclusion: This company needs to focus less on salaries and more on making people happy at work.
There’s more here: