What are your goals?
The challenge however is that when you focus on retention as the goal, you are simply getting people to stay. People may be staying, but that is no indication that they fully engaged or bringing ‘their best selves’ to work. How would you feel if you heard one of your team say “I would love to leave this place, but I doubt I would get this salary or benefits package elsewhere”? Would that really be a cause for celebration?
So let’s assume that what employers actually want is to retain the excitement, engagement and passion for their vision or cause. That isn’t about pay and benefits. In my experience, it is about how people feel about the place they call work.
We have all had ‘one of those days’. Days when we go home from work, determined to update our CV and make a change. I have had one or two days like these over the years and for me, these days are never triggered by the lack of perks. They are about culture, purpose and my place in the organisation. They are about my relationship with my colleagues and my sense of belonging. Thinking about pay and benefits on days like this is a symptom, but rarely the cause. We are often only thinking about pay and benefits because of the other missing pieces.