Its not about the money

So, Lance Armstrong wrote a book called ‘It’s not about the bike’. Leaving aside how his life story has turned out, it’s a great title: the focus can be on the tools, not on what it takes to use those tools really well.

 Like saying that someone’s a great author because they have a great laptop!

What we’ve learned over the 13 years of improving retention for our clients is that it’s easy to put the emphasis on the money and not on the other things that make people perform really well.

Underperforming? Lots of resignations? We’ll have to pay them more.

Here’s what we know – and we can prove it: employees place more emphasis on wanting a pay increase when their other expectations aren’t met.

Want flexibility but the boss won’t give you time off? Want challenges at work but you’re bored silly? Want to keep learning but there’s not funding for training?

You better pay me more to put up with this!

The really good news for employers is that with careful targeting of improvements in non-financial areas, engagement goes up without pay increases.

Have you struggled to change the mindset from pay rises as the magic solution? What examples have you seen to prove that meeting non-financial expectations takes the pressure off wage increases?

Subscribe to Retention Partners  for your free cost calculator & retention tips.