What are the reasons for a high performer to remain in a organisation? Is paying at top levels enough? If not, what else?
Thank you for your question. It is insightful.
Based on my experience in Talent Management, I agree that compensation is not the key to retention. Study after study reminds us that the biggest factor in the decision for a high performer to remain in an organization is the relationship they have with their boss. Oh, when they leave the organization, they may tell HR it is because they got a better compensation package, but many just say this to avoid the hard truth. The hard truth is that many bosses forget how important it is to coach and mentor their key people, to provide training and feedback, to create and work development plans, to recognize and appreciate results and exraordinary efforts, and just simply demonstrate that they care about the employee and his/her success. It sounds like common sense, but how many of us can say we have had the priviledge of working for this kind of manager more than once in our careers? Although I’ve developed some excellent compensation structures and guidelines for companies to attract and retain top talent, without competent, skilled and caring managers, even the best pay systems fail in retaining top talent.
Good luck to you. ~Christy