“Give’em a raise.”
It was the number one response I got when I told people I was writing a book about managing employee turnover.
“Give’em a raise.”
I kind of liken it to saying, “Lower your prices,” when someone explains they’d like to sell more of their product or services.
“Give’em a raise” is even more akin, though, to paying your suppliers more in an effort to buy their loyalty. It may work, but its certainly not sustainable and there are many other more cost effective approaches to obtaining the goal.
My guess is that “Give’em a raise” is the number one response because people believe pay is the number one reason for employee turnover. This is the first myth among five common myths busted by my co-authored book – Managing Employee Turnover.
Pay and pay satisfaction are not in the top ten predictors of employee turnover. Neither are in the top two-dozen. There are at least 29 better predictors of employee turnover than pay and pay satisfaction.
Employee turnover is better predicted by one’s relationship with their supervisor, satisfaction with their supervisor and co-workers, and work group cohesion.
Because behind every employee turnover there’s an employee – a person – a human being. (I hope to touch on this further in future posts.)
Over the years I’ve hired individuals for part time yard work, usually in the summer. I was particularly impressed with one young man whose services were invaluable for the several projects we wanted to complete before the school year started back again. In a nutshell, I wanted to retain his loyalty. I could “give’em a raise.” Or, I could work beside him literally in the trenches, befriend him, and offer a bottomless glass of lemonade.
I chose the relational over the transactional. The projects were completed on time. I made a lifelong friend, and there was no question about who’d be working with me over the next summer.
I encourage you, when dealing with your employees to choose the relational over the transactional.
© Dr. Phil Bryant