I have worked with managers in the past who have said that a particular team member is looking around – "go have a chat with them, find out what salary we need to offer to keep them" they tell me. So I ask, "how do you know they are looking around"? Well, they say, "I heard from such-and-such who told so-and-so that this person was on the phone with a recruiter and was seen using Seek"
In all likelihood, it is too late. If someone is out there on final interview, or in fact gives you notice, offering a big cash incentive to stay is only relaying the inevitable. They have most likely already become disengaged and have moved on in their own mind.There is a lesson here … please don’t wait until it is too late. Change the way you think. Every employee you have is a potential candidate for someone else’s business – not just the person out there doing job interviews. Everyone is. Throwing some more money at someone may make them stay longer, but will it make them perform stronger or lead or motivate others around them. Or does it just keep a warm body sitting at a desk for longer?
A true retention strategy is proactive, not just about keeping bums on seats and disengaged minds in the business. It is about providing opportunities to learn and grow, coupled with great management and a good work culture so it doesn’t cross employees minds to leave.
Our research has shown that the majority of people leave because of things their organisation could have done better. So if you put the management of people at the top of your priority list and you have a great retention plan based on real data about why people leave, you can make a positive impact on employment retention in your business. So, get proactive, ask questions, listen and show that you care, not just the one with a remarkable nice suit on but one foot out the door.
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