Stop Throwing Money at Workers – Do This Instead
Organizations around the globe are having a hard time attracting workers and struggling to keep them – sometimes beyond day one. Increasingly, new hires are accepting offers and then ghosting employers by not showing up. And the ones that do show up? Many have multiple offers, so if they start and then decide they don’t like something, they quit and go elsewhere.
In addition to this situation being a headache for employers, employees who stay are also suffering. Ghosting and heavy turnover means more work, burnout, and stress, and loyal employees are not the people who are being given sign-on bonuses – new workers are receiving the dangling carrots.
Adding fuel to the fire? Vaccine mandates. Employees who are required to get vaccinated, but don’t agree with the rules, are quitting to work in other industries which have no such mandate. Additionally, many senior, experienced employees have chosen to not return after COVID closures. Therefore, these employees will need to be replaced with younger, less-experienced workers, who have a greater propensity to ghost an employer or quit if something in the workplace is not to their liking.
To my dismay, employers are responding by offering higher salaries and perks, which is only a band aid short-term solution. A better response? Fix your culture and become a destination that people seek out and can’t imagine leaving. That’s how you will ensure the long-term success of your organization.
Jill, What Can I Do? While I know that it might be tempting to throw money at people to attract them to your organization or get them to stay, it’s a losing proposition. Do you know what people want most? To do things that make them feel satisfied and valued. And when you choose to change – and build a winning culture where people feel connected to something bigger than themselves – they will feel this way. Priceless.