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Updated: November 14, 2022 Ask ACE

AskACE: I’ve offered my employees more money, but they’re still leaving.

By Francis Eberle of Price Associates

Q: I’ve offered my employees more money, but they’re still leaving. What can I do?

ACE Advises: Our current dynamic employee situation results from a dynamic convergence of factors. McKinsey found earlier this year that two out of five employees were thinking of leaving in the next three to six months. Gallup’s happiness survey found that 42% of adults said they experienced a lot of worry, 41% experienced stress and 28% experienced sadness. The stress, worry and sadness index is ticking upwards and setting new records.

We can’t control outside influences such as labor shortages or the pandemic. We can control Purpose, Respect and Support. You may be providing one of these; consider combining it with the others.

Purpose: Purposeful organizations outperform the market by 42%. When a company has a purpose statement, but doesn’t act on it, performance is average. Companies without a statement underperform by 42%. Act on your purpose. Emphasize the connection between work, social purpose, and your people’s purpose. Learning about them helps them feel they are people not just employees.

Respect: One of the top 10 reasons why employees stay is because they feel valued and respected. Honesty, trust, psychological safety and DEI efforts all fit here. Employers have a unique opportunity to say to their people, “We see you, we hear you, we understand what is going on and we want to meet you where you are.”

Support: According to Gallup, companies with a strategic investment in employee development report 11% greater profitability and are twice as likely to retain their people. Support can be tailored to individuals. It can include recognition, financial incentives, mental care, advancement pathways, courses, and certifications.

These three categories all point to a new paradigm of employees as whole human beings, with their own individual purpose and goals. Businesses that reflect caring and support of their people will have a better time retaining them and being profitable.

ACE board member Francis Eberle, of Price Associates, is a leadership and organizational advisor, speaker and author who believes that people development is business development. He can be reached at francis@price-associates.com

About ACE

The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value “Success through Collaboration.” The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com.

For more on this topic, register for ACE’s November 17, 2022, program: Employment Retention Strategies in the New Paradigm at consultexpertise.com/event-4991406

 

 

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