There are nine key factors that impact employee retention—and they are much more important than pay and benefits.
If you are like most managers, you probably frequently ask yourself:
- “How do I get the best out of my team?”
- “What truly motivates them?”
- “How can I help them unlock their potential?”
You may also ask, especially around performance review time, “How can I manage their performance without a lot of stress or sweaty-palm-inducing conversations?”
There have been reams of information written about employee motivation and performance over the last 100 years. But we’ve found there are nine key factors that impact these metrics—and they are much more important than pay and benefits.
I call these nine factors the Currencies of Choice. I discovered them as the result of reverse engineering during 5,000 exit interviews I conducted with an international team of recruiters over the course of 15 years.
This research, along with numerous studies from organizations and managers who regularly use the Currencies of Choice model, shows that intrinsic motivators are much more effective in keeping employees motivated and engaged—and helping them perform well and realize their potential—than pay and benefits.
Read the complete article BY KIM SEELING SMITH: https://www.fastcompany.com/90679528/i-spoke-to-5000-people-and-these-are-the-real-reasons-theyre-quitting