Dear Workforce: Do employees usually leave because they don’t get paid enough?
– Barb
Dear Barb:
Research from numerous large studies during the past decade point to one conclusion: money talks, but it doesn’t necessarily have the loudest voice in persuading top performers to stick around.
Key reasons for departing are:
- Lack of recognition
- Inequities in salary
- Long-term sense of purpose and mission are missing
- Insufficient opportunities for professional and career development (promises may not match reality).
Salary is important, but seldom is it the sole reason. Salary offers of 20 percent or higher are hard to beat; being within 10-15 percent may be adequate for retention.
SOURCE: Izzo Consulting, San Diego, California.