4 . It ’ s Money — and More than Money
Money is flying everywhere . Employers who are not competitive in their base compensation will lose , but money alone is not enough . People will stay if they are not making the most money if the other terms and conditions meet their needs . However , if the base compensation does not cover the increased rent , gas , food , and daycare , workers must find something that will .
Money ranks number three on the list of why employees leave . Number one is the manager . To the employee , the manager IS the company . If the manager is disrespectful , doesn ’ t give feedback , or prevents employee growth , employees will leave . Culture is number two — the pay may be good , but if the culture is bad , it ’ s not worth it . We ’ ve had people leave for more money , then call us within a few days to ask for their job back . The grass is not always as green as the money offered .
5 . Retention Is Your Number One Priority
In sales , we know that it ’ s easier to keep a customer than to find a new one . The same goes for employees . It retains your investment , maintains your production capacity , and avoids the loss of your primary assets . Besides the vacancy in production , remember that it can take a year or longer to return that position up to full proficiency . On average , turnover costs between . 5-2x the average annual salary of an employee . What is the cost to retain them ?
A leader ’ s greatest strength is self-awareness , while their greatest weakness is denial . Your success lies in recognizing that today ’ s situation is different , seeing it for what it is , and taking action to retain and recruit the best .
42 NORTHWEST AEROSPACE NEWS