It is not the reason you typically think.
People are attracted to your firm for what you offer in terms of stimulation of the job, the salary you offer, and the benefits of the job. But that is not a key reason that people choose to stay somewhere long-term.
I once went into a manufacturing company where the work wasn’t particularly challenging, yet this company was really retaining and attracting high-level people to their firm. The secret I found out was two key ingredients- the values of the company and the community it built within.
The values started with the CEO and were replicated throughout the company. So many employees had in their work drawers pay stubs from multiple years. Why? Because the CEO would make sure that he at some point in time wrote a special thank you to each employee for the contribution they specifically made to the company. The employees valued this so highly that they kept the pay stubs.
This goodwill from the CEO was seen in the company where all the leaders watched for the good people did and complimented them on it. In turn, the employees watched for the good in each other and complimented that. It built this whole community of high trust and respect.
When money is the key reason people stay that often means they don’t feel valued and the money is the compensator for that lack of value.
Here is an easy way to up your focus on complimenting people in your team- put 3 pennies in your right pocket and each time you share a genuine focused compliment with a team member move one penny from your right pocket to your left. By the end of the day, all should be in your left pocket.
If you would love to know how to build your strategic team, check out our Outcome Thinking® Platinum Program for Leaders.
If you want help unpacking your limiting beliefs, use this link to set up a free exploratory call.