Beyond the Paycheck: Why Employees Stay (and Why They Don’t)

According to Gallup, 42% of employee turnover can be prevented, but it is often ignored instead. If you want to re-engage with that 42%, you’ll first need to identify why employees might be leaving and what factors would encourage them to stay. In other words, you need to take a serious look at your company’s employee retention policy.

As top recruiters in food and crop production, M&F Talent sees companies work tirelessly to make good hires, only to lose their team members in a short time. While a good paycheck is obviously a motivator for satisfied team members, it isn’t the full picture of a good employee retention policy. In fact, many more variables impact strong employee retention than one might expect. 

9 Considerations for Your Employee Retention Policy 

At M&F Talent, we’ve found that incorporating the 9 factors below into a holistic talent management strategy will result in a well-rounded and engaged workforce.

1. Paid Well

Fair compensation attracts top talent and also demonstrates an organization’s commitment to valuing its employees. The bottom line is that people want to be paid well and are probably going to look for greener pastures if they feel undervalued in their current roles. 

2. Mentored and Nurtured

According to a case study by Randstad, simply offering mentorship can reduce staff turnover by up to 49%. Mentorship programs provide your team members guidance and a clear pathway to advance their careers.

Start by identifying which department would benefit most from a mentorship program and scale up from there. Incentivize seasoned team members to mentor junior employees and pass along their years of wisdom. 

3. Challenged at Work

Most employees don’t want to coast through the workday. They want meaningful projects that challenge them, test their skills, and support the company’s mission. 

However, it’s important to put your team members in a position to succeed, especially if you are going to assign tough tasks. That being said, be sure to challenge your employees, but do so in a fashion commensurate with their abilities. 

4. Provided Promotion Pathways

As Forbes explains, nearly one out of four employees leave their organizations because they don’t see future opportunities there. Employees are more likely to remain with your company if they see a clear trajectory for career growth. 

5. Involved in the Mission

Do your employees feel involved in the company’s vision, or are they just along for the ride? Gallup reports that only one-third of U.S. employees are actively engaged. Examine how your organization stacks up and cultivate deeper engagement by getting employees invested in your organization’s mission.

People who find meaning in their work beyond just earning a paycheck tend to show exceptional loyalty. 

6. Appreciated and Thanked

Regularly recognizing and appreciating employees’ contributions boosts morale and loyalty. Seventy-one percent of employees are less likely to quit if their organization recognizes their efforts more frequently. 

7. Shown Trust

Micromanagement has a negative impact on workers’ mental health. Some even view it as a form of bullying. On the other hand, giving employees autonomy and showing you trust them to make smart decisions can be great for retention and loyalty. 

8. Empowered in Their Journey

Employees want to have a say in their professional journey. Your business can empower workers by gathering feedback, applying employee ideas to create a better work environment, and ensuring everyone feels heard. 

9. Valued for Their Contributions

Ensuring employees feel valued through respect, support, and recognition is crucial. When someone on your team does something noteworthy, praise them. Praise can take many forms, from something as simple as saying “Thank you” to more thoughtful approaches such as giving a top performer an award. 

Leverage These Tools for Your Employee Retention Policy 

Alone, any one of these approaches can help you attract and retain talented workers. However, when you use all of them as part of a holistic talent management strategy, your business will be able to cultivate a well-rounded and passionate workforce. 

For more insights on building a resilient workforce, connect with Mac & Fulton Talent Partners. Our bespoke approach to talent optimization delivers meaningful results.