Why do people leave a job? Statistically, it's NOT money. Ok, so what IS it? Find out what the factors are, and if you as a leader could be one of them.Discover what sets ThinkingAhead apart, hear stories from recruiters, and browse opportunities by clicking here.
Chapter 1: Why do people really leave their jobs?
Hi, this is Stephanie Moss. Today I want to talk to both my candidates and my clients, and I specifically want to talk about why people make moves. You see articles all the time posted out talking about the number one reason why people make a move, and it's a lack of appreciation.
Chapter 2: How does appreciation affect employee retention?
It has nothing to do with money, but just a general sense that they don't feel appreciated in their current organization. Sometimes, yes, that means money, or at least they translate that into money. So you'll hear people say, well, I just left because I got paid XYZ more. Those are the anomalies. People leave when they feel like they will be more valued or more appreciated somewhere else.
Chapter 3: What can leaders do to retain their employees?
So we know this. What do we do with it? First of all, if you are in leadership, do you know your people? Because let me assure you, if you don't, there are other managers lobbying hard to get to know them. They're recruiters. I'm calling them all day, every day. I'm working hard to get to know them. They're feeling the love from somebody. Are they feeling it from you?
Chapter 4: Why are counteroffers often ineffective?
Second of all, I hate counteroffers. I hate going through that process. I hate making it. It's just blah. Everybody walks away. Blah. Make no mistake about it. I will fight for my people. But in order to prevent that from happening, have key conversations with folks now. Hey, what do you like most about working here?
Chapter 5: How can leaders show genuine care for their team?
How do we show you that you're important to us in a way that really matters to you? What could we be doing better to show our appreciation? How can I help you be more successful in your current role? This is good leadership. Nobody cares how much you know until they know how much you care. But what are some other reasons why people make moves?
Chapter 6: What should candidates consider before making a job change?
And candidates, I wanted to share this with you as well, because if you are thinking about making a move, it's going to be critically important for you to really know why you're making a move to make sure that you make the right move. Now, oftentimes when candidates do make a move, there is an upgrade in their compensation. But folks don't make moves for money.
They make moves for things like a better commute. They make a move for better location. Now, you may say, well, commute and location are kind of the same thing. Well, it can be, but it could also be, hey, I've got aging parents. I need to be closer to them, and that involves a relocation. It could be advancement.
Now, some of my boomer clients might be thinking, oh, this next generation, all they want to do is climb the corporate ladder. Actually, that's not true. They don't even believe in the corporate ladder. They believe in the corporate lattice. So advancement for them is often defined as going sideways or diagonal.
It could be going up, but basically for them, it's an addition of a skill or an opportunity to make a bigger impact on the organization. Absolutely a reason for making moves is their management. That's critically important to them. Are you being a good leader? Are you an advocate in their success? That's super important. Remember the old adage, people don't leave organizations, they leave people.
So please stop, take the time, connect with your people, recognize what they do, and and show them your appreciation. Yes, money is another reason, but it's not just for the sake of money, but it's understanding what does the money mean.
For example, I recently worked with a candidate who at home, they were pregnant with their second child and really wanted to make a transition to where the wife could stay home and be a full-time mom. So for them, money was important, not for the sake of money, but how that was going to impact their home life. Another thing that is very important is security.
At this day and age, M&A is rampant, especially in banking and the commercial finance world. finding a place where either, hey, I'm very open to moving somewhere where they may get bought. That could be a great win or a payout. Or, hey, I really don't want to be in that situation. I want to go to an organization that I know probably isn't going to get bought in the next year or two.
Hope this helps.
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