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Talent Trade Tidbit - Why Do People Leave?
Why do people leave a job? Statistically, it's NOT money. Ok, so what IS it? Find out what the factors are, and if you as a leader could be one of them.
Transcript
Hi, this is Stephanie Maas.
Speaker:Today I want to talk to both my candidates and my clients, and I specifically want to talk about why people make moves.
Speaker:You see articles all the time posted out talking about the number one reason why people make a move, and it's a lack of appreciation.
Speaker:Has nothing to do with money, but just a general sense of they don't feel appreciated in their current organization.
Speaker:Sometimes, yes, that means money, or at least they translate that into money.
Speaker:So you'll hear people say, well, I just left because I got paid X, Y, Z more.
Speaker:Those are the anomalies.
Speaker:People leave when they feel like they will be more valued or more appreciated somewhere else.
Speaker:So we know this.
Speaker:What do we do with it?
Speaker:First of all, if you are in leadership, do you know your people?
Speaker:Because let me assure you, if you don't, there are other managers lobbying hard to get to know them.
Speaker:They're recruiters.
Speaker:I'm calling them all day, every day.
Speaker:I'm working hard to get to know them.
Speaker:They're feeling the love from somebody.
Speaker:Are they feeling it from you?
Speaker:Second of all, I hate counter offers.
Speaker:I hate going through that process.
Speaker:I hate making it.
Speaker:It's just bleh.
Speaker:Everybody walks away, bleh.
Speaker:Make no mistake about it, I will fight for my people.
Speaker:But in order to prevent that from happening, have key conversations with folks now.
Speaker:Hey, what do you like most about working here?
Speaker:How do we show you that you're important to us in a way that really matters to you?
Speaker:What could we be doing better to show our appreciation?
Speaker:How can I help you be more successful in your current role?
Speaker:This is good leadership.
Speaker:Nobody cares how much you know until they know how much you care.
Speaker:But what are some other reasons why people make moves?
Speaker:And candidates, I wanted to share this with you as well because if you are thinking about making a move, it's going to be critically important for you to really know why you're making a move to make sure that you make the right move.
Speaker:Now, often times when candidates do make a move, there is an upgrade in their compensation.
Speaker:But folks don't make moves for money.
Speaker:They make moves for things like a better commute.
Speaker:They make a move for better location.
Speaker:Now, you may say, well, commute and location are kind of the same thing.
Speaker:Well, it can be, but it could also be, hey, I've got aging parents.
Speaker:I need to be closer to them, and that involves a relocation.
Speaker:It could be advancement.
Speaker:Now, some of my boomer clients might be thinking, Oh, this next generation, all they want to do is climb the corporate ladder.
Speaker:Actually, that's not true.
Speaker:They don't even believe in the corporate ladder.
Speaker:They believe in the corporate lattice.
Speaker:So advancement for them is often defined as going sideways or diagonal.
Speaker:It could be going up, but basically for them, it's an addition of a skill or an opportunity to make a bigger impact on the organization.
Speaker:Absolutely a reason for making moves is their management.
Speaker:That's critically important to them.
Speaker:Are you being a good leader?
Speaker:Are you an advocate in their success?
Speaker:That's super important.
Speaker:Remember the old adage, people don't leave organizations, they leave people.
Speaker:So please stop, take the time, connect with your people, recognize what they do, and show them your appreciation.
Speaker:Yes, money is another reason, but it's not just for the sake of money, but it's understanding what does the money mean?
Speaker:For example, I recently worked with a candidate who at home, they were pregnant with their second child and really wanted to make a transition to where the wife could stay home and be a full time mom.
Speaker:So, for them, money was important, not for the sake of money, but how that was going to impact their home life.
Speaker:Another thing that is very important is security.
Speaker:At this day and age, M& A is rampant, especially in banking and the commercial finance world.
Speaker:Finding a place where either, hey, I'm very open to moving somewhere where they make it bought.
Speaker:That could be a great win or payout.
Speaker:Or hey, I really don't want to be in that situation.
Speaker:I want to go to an organization that I know probably isn't going to get bought in the next year or two.
Speaker:Hope this helps.
