Fact: People switch jobs often these days. The era of working decades for one firm until you ride into the sunset of comfortable retirement? Long gone. Still, we can all agree it’s a paramount goal of leaders (the good ones, at least) to retain top talent in the workplace, to ensure the highest performers stick around for as long as possible.
You’d think most employees leave their jobs for one reason: money. And while that’s of course a factor—a 2022 study conducted by the Pew Research Center found low pay as one of the top reasons workers offered for quitting—it’s far from the only reason people leave existing positions. Employee retention is a complex issue situated directly on the fulcrum of human emotions and business necessities.
In other words, it’s fraught stuff! That’s why we asked Simon, our founder and chief optimist here at
The Optimism Company, to share his insights into why people really quit jobs, and what you can do to keep them from giving notice.
Read on to see what he has to say, and how you can apply it to your own organization. And for more great advice, check out The Optimism Library, which is home to over 50 classes on leadership, communication, and more.
Don’t get hung up on the money
In imparting advice on how to retain talent, Simon cited conversations he’s had with members of the armed forces over the years.
Simon recalled one specific instance where Navy SEALs were peeling off for the supposedly greener pastures of the private sector. Military leadership was convinced it was purely for financial reasons, so to stem the bleeding, they would toss huge sums (we’re talking up to six-figure bonuses) at promising young talent.
“The reaction from the SEALs was one of two things,” Simon relayed. “Either, ‘You idiots, I never did it for the money in the first place. I’m outta here,’ because it was insulting. Or, ‘You idiots, I never did it for the money in the first place, but if you’re stupid enough to give me that money, I’ll take it and stay for a little longer. But I’ll still hate it.’”
So, sure, pay your employees more. Award raises and dole out bonuses to your top performers. It can’t hurt. But know that money isn’t the thing that will prevent your best talent from jumping ship.
Give them purpose
Keeping with the military example, the general consensus among top brass is that rising talent inevitably leaves for money. Simon sees it another way.
“I hear it all the time from senior folks, which is, ‘We can’t compete with that.’ And I always push back and say, ‘They knew that coming in. If money was the thing, they wouldn’t have joined,’” Simon pointed out.
Get this: The same Pew study that found money was a top reason people quit also identified a slew of other reasons, and two of them were neck-and-neck with low pay: “No opportunities for advancement” and “Felt disrespected at work.”
You might think complaints about a lack of advancement are rooted in finance; a loftier title generally equates to a cushier salary, after all. But more often than not, such gripes are about the opportunity to gain more responsibility, to have a greater hand in dictating everyday work. A job can always be better. People want to hope that they can make it better. And if you can grant them the agency to do so, you should.
As for the disrespected thing, well, hey, that’s self-explanatory: Few things are more maddening than constantly feeling like your advice and expertise isn’t heeded. Of course workers would jump ship in that case.
“Throwing money at the problem didn’t work, because they didn’t truly understand what was missing. When very talented young officers leave, it’s out of absolute frustration,” Simon explained. “It’s not an anomaly, nor is it an overnight decision, nor is it sudden. It’s a slow, steady build of absolute frustration, usually of bureaucracy, or of not feeling connected to a larger mission. And usually that’s a problem with leadership.”
Give your employees purpose, treat them fairly, hear them out, put in the work to mitigate their grievances — that’s what will ensure they stick around for the long haul.
