Do employees that are well paid stay longer? Do they perform better? Do they give great customer service? It is thought that money is a key motivator for employee longevity and better performance. Giving an employee a raise is not enough to keep them committed to an organization.
Well paid employees leave an organization because of several reasons.
Bully management is an outdated management style. If you think back to the playground, bullies are those that have their own internal conflicts, one of which being the only way for them to feel important is to bully others. There is no place for a bully, not in the schoolyard, the park or the boardroom. Eliminate the bully and employees feel a sense of leadership.
–No room for growth
When an employee does not feel there is any room to learn and grow they do not see a future for themselves. We are meant to continue to learn and grow...when people do not experience this the job becomes uninteresting and they become disengaged. Encouraging and promoting ongoing training and development makes the employee feel there is more for them to grow into in the organization.
–No advancement potential
Think about younger employees and the goals and dreams they have for their futures. If they do not see any advancement potential, many will leave and take a lower pay for the opportunity to move up in a different organization.
–Don't feel valued
If an employee doesn't feel valued, they disengage and are not performing at their maximum. Some of the same rules apply to business as in our personal lives. People want to feel valued in what they do. The person that feels valued to an organization tends to give more of themselves, and do more than asked.
–Poor company culture
Company culture can very often outweigh the wage an employee is receiving. When there is collaboration, learning, growing, innovation, advancement, flexibility, autonomy, and employees are aligned in the mission of the company, it develops a positive culture that people want to continue to be a part of.
It isn't necessarily the money that is the motivator, but the feeling of being valued by the employer. When employees feel valued, they are learning and growing, are engaged in a great company culture and see a future for themselves, they are happier, less stressed, more engaged and perform better.
Debbie Ruston - Entrepreneur - International Trainer, Visionary Leader