Employee retention is an ever-discussed topic. How do we find and keep great employees? While money may get them in the door, it most likely won’t keep them there longterm. So, what motivates employees to not only stay with a company but remain actively engaged?

It may surprise you to know that money isn’t the number one factor for employee turnover or motivation. In fact, “Gallup drew from decades of data and interviews with 25 million employees” and discovered that they had similar responses. Cautioning leaders, Gallup CEO Jim Clifton said, “The single biggest decision you make in your job—bigger than all the rest—is who you name manager. When you name the wrong person manager, nothing fixes that bad decision. Not compensation, not benefits—nothing.”

Have you ever heard the phrase, “You couldn’t pay me a million dollars to do that.” While a million dollars can fix a lot of problems, it can’t fix a toxic work environment. The emotional and mental toll toxicity takes on employees can be long lasting and incredibly detrimental to company business objectives.

Employees are motivated by healthy culture and relationships. Equipping managers with skills to lead well and nurturing a positive culture will create space for employees to discover their strengths, passions, and interests. Without the pressure to look over their shoulder constantly in self-preservation, employees will develop trust, confidence, and respect in leadership.

Take a quick assessment of your work environment:

• Why do employees join your organization?
• What are they motivated by?
• What sets apart your top performers from the rest of your employee base?
• Do employees recommend your workplace to other friends or family?
• What have been some of your biggest employee challenges?
• What causes them to leave?

Answers to these questions will give you insight. It will help you and your leadership team better understand employee attraction, motivation, and retention. It will also help your team be intentional about continuing to develop a culture in which people can thrive and can create a great opportunity for dialogue with your employees to get their input and buy in to solutions.

In addition to healthy leadership, SHRM offers a number of other suggestions to encourage employee intrinsic motivation:

• Increase Opportunities for Delegation. “…delegation refers to stretch assignments where employees are able to get their hands dirty learning about and gaining exposure to other parts of the organization that they find exciting from a career development standpoint. “

• Introduce Rotational Leadership for Staff Meetings. “One thing that staffers often look for in an ideal employer is leadership development opportunities,” Hall said. “In fact, we know that career and professional development lies at the top of Gen Y and Gen Z wish lists.”

• Explore External Training Opportunities. “With the cost of bachelor’s degrees skyrocketing, professional certificates may be a great alternative. Assume that many of your best employees will be resume-builders: They’ll stay long enough to prove their worth, so long as they feel they’re on the fast track. Once they feel blocked from upward mobility, new learning or greater responsibilities, they may look elsewhere rather than forgo their personal agendas.”

• Hold Quarterly Professional Development Meetings. “Scheduling a 30-minute meeting with each of your direct reports will help you, as a leader, build stronger relationships and learn what each individual values…What you talk about on the shop floor or in the office corridor is not what this is about—this is personal. This is about them: their self-assessment of their work; their identification of where they need greater support, structure and direction; their progress toward goals; and their identification of where they need help. Placing yourself into the role of mentor and coach says a lot about who you are and how much you care.” 

I believe that most employees want to love where they work and enjoy the people they work with. I also think a lot of employees want room for growth, challenging tasks, and even the knowledge that they are doing meaningful work tied to a greater purpose.

Money can certainly give companies a competitive advantage and a desirable image. But once you bring employees into your environment, it will take a lot more than money to keep them there. Set your business up for success by training managers on the skills and nuances of great leadership. Provide opportunities for your employees to get continuing education or specialized training. 

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We love to come alongside business leaders to help develop training programs so they feel confident in their management roles. We also work with our clients to develop strategies for creating healthy cultures and an engaged workforce. Get in touch with us!

Written by: Marla Monk