By Doug Van Dyke, Leadership Simplified, www.leadershipsimplified.com
When a key team member bolts for another job, many leaders assume that the reason behind their departure rests solely on making more money. There is logic behind this assumption, since most competent workers who choose to leave an organization earn a higher salary at their new job. Research, however, tells us that under normal circumstances key team members view salary as the fourth most important feature of their job. This is wonderful news because often times leaders do not have total control over the salaries of their team members. On the other hand, leaders do have lots of control over a bevy of other items that can help to retain key employees. As long as key employees feel that their compensation is fair, the following three areas tend to be valued higher than salary.
Bonus Item: Visionary Leadership. Leaders who share a compelling vision with their teams tend to have a higher retention rate when it comes to key employees. The vision of these leaders possesses three qualities: First, clarity regarding where the team is going and in what time frame. Second, exactly why the team is moving in a certain direction. Third, a detailed roadmap on how team members fit into the journey on which the team has embarked.
Bottom Line: Leaders who embrace a multi-pronged employee retention approach that includes training & development, frequent communication, and effective feedback tend to enjoy high success rates. Further, by leveraging a visionary leadership style, leaders can help key team members feel valued and part of something significant. Do these strategies always trump the allure of a bigger paycheck? The answer is no, but if leaders help their best people grow their skills and engage in meaningful work, leaving becomes significantly more difficult.
Until next time, be well.
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