Recruitment is the biggest business in the making. No business, big or small, can survive, let alone thrive without its people. But today, as we look at the employment market, the rarest commodity to find is loyalty.

Some of the most common reasons people leave are:

• Salary expectations are not met

• In most cases, that’s the only reason!

Salary is an important aspect, but it is not the only aspect to keep in mind while making a career decision. Many a times, I have seen people jump to other companies and have later regretted it & asked to be re-hired. Yes, the salary you desire should be met at some point, after meeting your job expectations of course, but don’t forget there are many other factors that contribute to your career success & professional growth.

Recently, I read an article from a very successful CEO of an MNC stating the secret of her success. She felt it always pays to be underpaid rather than overpaid. It is funny but true that when you take money out of your equation, more game-changing opportunities fall into your lap, as money is a distraction that confuses most people. Strangely, I have noticed that people who make the most money is not chasing money, but instead focus on the quality of the opportunity. This was one end of the spectrum, let’s look at the other side.

People don't leave bad jobs; they leave bad bosses.

According to a survey conducted by LinkedIn, 94 % stated that the below reasons are why people leave their organizations.

1. Not valuing employees/appreciating their contributions.

2. Inflexibility in breaks, lunch time, work from home, sick days, leave etc.

3. Trespassing on their personal time. Asking them to leave the office late, work on weekends or interrupting them while on vacation.

4. Showing no interest in their personal development.

5. Not showing concern especially when they are dealing with illness, grief etc.

6. No Integrity – Always looking to blame others and not standing up for the team.

7. Lack of trust - Micromanaging them.

As you notice, salary is nowhere mentioned in the points above. A section of Gen Y & Gen Z looks more into a combination of the above factors.

Leadership is about people. Your business is nothing more than the collective energy and efforts of the people working with and for you.

For loyalty, there has to be a trusting relationship between the employee & employer. Threats and intimidation only yield temporary results. You can't keep throwing your subordinates under the bus and expect them to give their all. Loyalty is a two-way street. If you want loyalty from your team, you must first give it. If you want your team to go the extra mile, you have to be willing to go the extra mile for them.

What employees really want?

“Train people well enough so they can leave, treat them well enough so they don't want to.” ~ Richard Branson

The corporate jungle is full of managers and lacks leaders. Leaders build people up. Managers pull people down. Leaders are comfortable and secure, whilst managers are competing with their subordinates. Companies are struggling to address this problem for one simple reason: they don’t really understand why their employees are leaving. Rather than taking the time to investigate the true causes of attrition, companies are jumping to quick fixes that fall flat: they’re bumping up pay without making any effort to strengthen the relational ties people have with their employers. The result? Rather than sensing appreciation, employees sense a transaction.

If your only response to attrition is to raise compensation, you’re unwittingly telling your people that your relationship with them is transactional and that their only reason to stay with you is a paycheck. Your very best people will always have a better cash offer somewhere else. You want to solve their problems (not just their bank accounts). This transactional relationship reminds them that their real needs aren’t being met.

If the past 2 years of COVID has taught us anything, it’s that employees crave investment in the human aspects of work. Employees are tired and many are grieving. Yes, they want pay and benefits but more than that, they want to feel valued by their organization.

Along the way, senior executives will be challenged to reimagine how they lead. The skills that made leaders effective before the pandemic—strong coaching, mentoring & creating strong teams—are just table stakes for the challenge of the years ahead.

The Great Attrition is real, it will continue, and may get worse before it gets better. Yet this unique moment also represents a big opportunity. To seize it, take a step back, listen, learn and make the changes employees want.

Conclusion

One thing I know for sure is: When you find true loyalty, do everything you can to hold onto it. Appreciate it! Recognize it!! Celebrate it!