The main reasons that top talent stays at firms is that they are being recognized for their hard work, they are being acknowledged, that they are respected in what they are doing. Certainly, compensation is always a big piece of it, but after we get past compensation, it’s making sure that they have that acknowledgment. Also making sure that they have work that they find challenging and also that they understand what their career path is, that if they follow these steps, then they are going to move on to this certain job or these responsibilities. And once they have done that, they can go on from there. And to understand that it’s not just something that is written in paper somewhere, but it’s actually going to be followed.
Top talent leaves firms because they are not being rewarded, they are not compensated for what they are doing, and they are not being acknowledged that their work is being respected. What I have found in my time through working in different firms and talking to different firms, is you can have one season or one job where you really take it out on a person. That it’s really hard, if something goes wrong, you are working lot of overtime. But you can only do that once. Someone will rise to the challenge to do what they need to do to get the job done because of special circumstances or sometimes there is a season that just goes bad. But you can’t expect somebody to do that on a consistent basis, because it takes a lot out of you to do that, and it also takes away from everything that you have outside of work. Where I am a tax person, so I understand during tax season for the 10 weeks or so, my full part of when I am balancing work is really the high part of that, but if I had to do that 52 weeks a year, that’s not going to work. So making sure that the flexibility, that they can get what they need done, their work component as well as their life component. If that’s not there, you are going to lose people. And if they don’t feel connected to the organization, whether it’s through their team, the acknowledgment, the respect, they are just not going to stay, and they are not going to put that time in.