2.16 Can More Money Stop an Employee Quitting?

In this episode, Karen Kirton examines whether offering higher salaries to retain employees who have received external job offers is an effective strategy. With the current employment market making it easier for recruiters to entice talent with significant salary increases, businesses need to consider whether counteroffers truly work in the long term.In today’s episode, you will learn about:Why employees typically resign—whether it's purely about money or if other factors, such as career growth and work-life balance, play a bigger role.The risks of creating pay inequities when counteroffers are made, leading to disengagement among other employees.How retention bonuses can backfire if they don’t align with what actually motivates employees to stay.The importance of assessing salary structures to ensure pay remains competitive, especially in industries experiencing wage inflation.How counteroffers can lead to golden handcuffs, where employees stay for the money but become disengaged and dissatisfied over time.Data on what truly keeps employees in their roles, including work-life balance, career development, and respect in the workplace.Instead of relying solely on counteroffers, this episode explores alternative strategies to improve retention, including focusing on company culture, career development, and non-monetary benefits that employees value.Make sure to subscribe to stay updated with new releases every Monday! Visit Amplify HR for more insights and resources.  Free download: Secrets to Keeping Your A Players - Amplify HRSend us Fan MailDownload our free guide, “Getting Stuff Done Through Your People,” giving you the tools to build a culture where people take ownership, goals get achieved, and results follow.https://www.amplifyhr.com.au/downloadable/getting-stuff-done-through-your-people/