How do you keep good people on your team? When good people leave, we often console ourselves by saying the reason they left was because someone offered them more money. However, money may not be the main reason.
In a recent study of exit interviews from employees, money came in 5th for top reasons why people leave an organization.
You may not have much control over how much money an employee makes, but as a manager or supervisor, you have a lot of control over other areas. Mastering these areas can make up for the fact that you may not be able to be as competitive when it comes to how much money you can pay. In fact, effective leaders strive to make sure that no one outpaces them in these things.
What are these things that caused people to leave jobs more often than money, and why are they so important?
- Not treating people with respect.
When I teach on being an effective coach, I often ask, “How do leaders build trust?” Inevitably, when small groups work on this question, almost every group will list the word respect. We crave respect in our culture. We get angry if someone calls us a liar even when we are lying!
- Being prevented from making an impact on the organization.
Max DePree, former CEO of Herman Miller Furniture, says that one of the things people ask themselves about their workplace is, “Can I own this place?” That doesn’t mean they want to be on the Board of Directors. It means that they want to be able to make their mark. If you don’t allow them to do it, they are going to move on.
- Not being listened to.
One of the most important ways to create a sense of team is to listen to the team! Good leaders listen and know how to implement the input they receive into strategies, policies, and initiatives. People are up on what they are in on.
- Not being rewarded with more responsibility.
The people you want to keep on your team are the ones who want more responsibility. Delegation is not just a means for getting more done. It’s an important part of developing leaders. Leadership is like swimming. You can’t learn to swim just by reading a book. People expect to have their skills nurtured, and if you don’t allow them to grow—they will go!
Take some time to evaluate yourself. Don’t wait to lose good people. Provide the best compensation package you can; but beyond that, provide the kind of culture that may be matched but cannot be surpassed.