Retaining good employees is important to the long term success of any business.
If a good employee resigns out of the blue, there are a number of challenges that need to be resolved. Not only are there problems to replacing such talented and committed workers, but the impact is felt by other staffs as well. Whenever someone walks out the door, others are bound to notice, and some might even wonder if they should do the same.
For any organization, the most important asset is their employees, and losing talented hardworking employees can be extremely costly.
During an interview at Bloomberg, the SVP of Google’s People Operations, Laszlo Bock explained that most companies are unaware of the methods that should be used to retain their best people and that people do not stay for money. At which time he noted that over a third of Google’s first 100 employees are still working at the company regardless of the amount of money made in its IPO.
According to Laszlo Bock, people stay for the following two reasons:
1. The quality of the people they work with
Google sets a very high standard for everyone that is hired. Each and every applicant is screened by their potential boss, associates, hiring committee and lastly Google CEO Larry page. This is why hiring the right person is so important.
2. The feeling that the work they do is meaningful
Giving employees a sense of purpose reap benefits beyond retention.
Bock stated, “People want to do something that means something.”
Bock also cited research by Wharton Professor Adam Grant which stated that if a person connects their jobs to something meaningful, their productivity could increase up to five times.
Google is one of the most popular companies in the world for providing the best facilities for its employees, from free gourmet meals to in-house massages. But, all these benefits are not what keep an employee from leaving.
“The dirty secret of all these perks is it doesn’t actually retain people or even attract people”
Such in-house benefits are there to provide an inviting atmosphere that increases efficiency, but Bock does not believe that having such facilities will ultimately keep any employee who wants to leave.