I’ve been in positions where I knew my earnings were only in the 10th percentile compared to what other employers in my area paid, and, yet, I still stayed there. Was I crazy? Shooting myself in the foot?
Perhaps I’m like 49% or more of Americans who say they stick with an employer for more reasons than compensation alone? Because we like our jobs or it fits well into other aspects of our lives? There is even evidence that staying employed at the same company for more than 2 years makes us earn 50% less over our lifetime. And still, we stay!
“Money is important, but it must be balanced with everything else in your life,” says Forbes contributor Cameron King. “Monetary compensation is only one part of your life, and it should not dictate everything.”
Don’t get me wrong though, compensation is still a leading factor in keeping your top talent loyal to your organization. Considering that the national unemployment rate is hovering around 4.1%, it’s a buyers’ market; top talent have sway with employers of their choice, and they’re testing the waters by asking for higher salaries and promotions.
- Provide a path for advancement. If employees are stagnant in their roles, they grow restless and start looking elsewhere for new challenges and opportunities.
- Create a positive company culture. An organization that has integrity and puts its values into action, along with employees who care for each other, bodes well for retention.
- Allow flexibility. The ability to get work done outside of the normal 9-to-5 workday is appealing for many employees. See KPA’s “The Flexible Work Schedule: The Pros & Cons.”
- Invest in learning. Too often companies forego education, tools, and training due to budget concerns, but doing so makes it difficult for employees to stay up on trends and be innovative for your organization.
- Improve employee engagement. Engagement is a big topic, but suffice to say that frequent communication, collaborative software, and genuine efforts to make meaningful connections among employees go a long way in their job satisfaction levels.