Increasing team member tenure can be one of the keys to unlocking growth long-term.
Each time you lose someone, you take on the added tangible costs of onboarding and training replacements + the intangible costs of lost institutional memory.
This is why employee satisfaction and retention is not an HR issue. It is one of the biggest growth priorities for companies yet unfortunately not treated as such.
People leave companies for a variety of reasons. These include:
Level 1 - Salary, Title, Benefits. What do I financially gain from working here?
Level 2 - Safety, Security. Can I trust this company / leadership to take care of my needs?
Level 3 - Culture. Do the values of this company resonate with me personally?
Level 4 - Opportunity. Do I see a path for personal and professional growth here?
Level 5 - Alignment. Does this align with my long-term goals?
Each leader in a business must be fully attuned to these questions and proactively engage team members to ensure all 5 levels are addressed.
Managers who think Salaries and Titles are all that matter see all stars leave them and the organization frequently.
They also end up firing more people because they just don’t invest enough time into understanding what makes each person on their team tick.
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