With the unemployment rate so low and the opportunities increasingly vast, it is difficult for companies to keep amazing talent. I hear it all of the time from other HR colleagues; they cannot find or retain talent. We have a range of generations entering and leaving the workforce who grew up in different periods of time, with different work ethics and expectations. We must adapt to our world’s change or we will fall behind. Trusting your employer, engaging your teams, and investing in technology makes a huge impact. Pay is a small factor in what keeps people in a job, as said in this article by Paul Phillips.

One thing I don’t ever like to hear, is “Let’s offer them more money to get them to stay;” when it should be “Why are they looking outside of here in the first place?” If it truly is money, that is one thing; but according to Steve Lowisz (CEO, Qualigence Inc.), money is only 15% of why people leave a workplace. People will take pay cuts to some extent because the benefits, recognition, and engagement play a bigger part in their work life.

As organizations, we need to be more proactive in our approach to our teams and build that trust by doing what we say we will. Exit surveys are too late for retaining talent. If you are not sure what your organization is doing wrong, do pulse checks with your teams, have meetings to understand them and if you say you are going to fix something, fix it.

Here at PowerChord, we are working on ‘fixing,’ by doing. Our 2020 initiative is to reconnect and listen. We are creating ‘Jam Sessions’ in which our teams will be able to meet and voice their opinions and concerns, both positive and negative. Additionally, we are re-vamping our recognition tools to be more intentional so our employees feel valued. We have so many great items to focus and work on – it is an exciting time to be working at PowerChord, that is for sure.