"Show me the money!!" You remember that scene, right? Rod Tidwell gets Jerry Maguire to scream (rather awkwardly) into the phone to keep him as a client. But we all know that it's not just the money he wants. Rod sticks it out with Jerry through the lean times. He stays because its the whole value he gets from his relationship with Jerry, and how Jerry helps him to become the best he can be and surpass his potential to the next level.
Keeping that in mind, it's no surprise that Salary is Rarely the Reason for Leaving a Job. According to a Korn/Ferry global study, the top reasons for executives leaving their jobs are:
- Lack of challenges or career growth (33%)
- Ineffective leadership (20%)
- Attractive job market alternatives (17%)
- Inadequate or inconsistent compensation (5%)
As an employer trying to retain the talented performers you recruited to join you, you really need to address those top 2 issues: challenges/career growth and leadership.
I think Jerry Crispin of careerxroads.com said it well in a podcast interview: that there really needs to be a culture of learning balanced with the pressure of performance. Learning, training, the facility to develop and grow personally and professionally should be a core tenant of a company, but that for every step in that person's development, the person needs to be challenged to perform to that new level. And in order to orchestrate that kind of flow requires good leadership.
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