As a successful, dignified, highly respected business leader, you would never beg. Begging is beneath you. But, let’s be real. You could pout or cry or even put your fist through a wall after your top-performing employee announces plans to leave.
Turnover in today's highly competitive talent marketplace is a prevalent challenge across industries. When skilled team members say goodbye, it not only hinders company growth, disrupts operations, and incurs significant costs—it also stresses you out!
Reasons for leaving can vary, but it comes down to the usual suspects:
- Lack of growth opportunities
- Inadequate use of unique abilities
- Dissatisfaction with roles
- Feeling undervalued
- Allure of competitive pay offers from rival companies
The question is, which of these is the most common reason people leave your company? Do you hear one more than the others? And what is your process for identifying why someone became dissatisfied enough to go elsewhere?
Answers to these questions will inform the value proposition you offer potential recruits and the experience you provide them once they join your organization. Both the pre- and post-hire experiences influence how your employer brand is perceived. Without a favorable brand, it will be impossible to compete for the kind of talent you need to attract and retain.
Not only do your employees control how customers experience your company, they’re also your primary source for finding new talent. So ensuring they have a great experience working for your business is no small thing. Getting the employee experience “right” starts with defining an irresistible value proposition. And if you want to retain any of the great people your proposition attracts, you need to deliver on that proposition.
So in defining your value offer, what considerations should you be making?
A value proposition is the unique set of benefits and advantages that an organization offers to its employees—professional development opportunities, positive work culture, value-sharing opportunities, flexible work arrangements, employee-manager camaraderie, meaningful company mission, etc. To be compelling, your value offer must be complete. In today’s recruiting environment, it can’t be missing any of the elements top talent considers important—and they think all elements are important.
If you nail the value proposition, the “usual suspects” for employee exodus go away. Your people feel a strong sense of belonging and loyalty because the company’s offering aligns with their aspirations and needs.
Songwriters weren’t exaggerating when they said, “Money makes the world go ’round.” In the case of compensation, “money” isn’t just a person’s salary. It’s all elements of their compensation: bonuses, benefits, long-term incentives, commissions, and other forms of remuneration. Compensation strategies that link higher employee contributions to higher earnings potential solve not one BUT TWO of your company’s recruiting and retaining objectives:
If you want to solve the employee exodus puzzle at your company, build a complete value proposition that respects the power of a compelling pay offering.
Learn more about how to build both at Accelerate 2023—a conference designed to share lessons in accelerated growth with SMB leaders. Join us to see just how much of your puzzle is solved with these two pieces.
Learn more here.
