QUESTION: My company pays the best, and I will not leave it.
FACT: It is better to have challenging work, otherwise you will lose the competitive edge in the market.
There is nothing better than a stint with a company that pays well. There are various reasons why a company positions its compensation and ,benefits at the high end, or above the market. When Ws entering a crowded market segment, it might pay more to attract talent. A company wants to set up and grow fast in a new City, and so, is willing to pay more to attract talent from other cities, Then there are some companies which, for various reasons, have hit a low point in their branding value. Sc, to boost their branding, they might want to take the better-pay route in order to inspire their executives. Some others pay more so that they can hire quickly for their new project which has a critical time-to-market. It is also normal for many small companies which do not have a visible brand to pay well through a combination of salary and stock options.
But then, why do people leave a company that pays well? Salary alone, though a major factor, does not guarantee high employee satisfaction and a low attrition rate. In this technology-driven, fast-changing world, the fear of being disadvantaged, in the competitive world is rather high. This reality is the major driver for someone to leave an organization; we are not talking here of employees who have entered a comfort zone or of those nearing retirement. if the work is not challenging and the work environment is not conducive enough to perform better, a person may look elsewhere. Some people understand that companies might have a big budget now and Can afford to pay more to retain people even though the work might not be challenging; at the same time, they also know that when these companies hit a rough patch, they might have to downsize, or correct salaries to a more realistic level. During such a time, hiring doesn’t usually take place. it is not always possible for a company to maintain a leading position in the market in terms of its salary package. So, if an employee stays in a company only because of its salary, arid he does not develop new skills, he might be -making his position vulnerable during future difficult times. Even findih6 a new job will not be easy as the prospective employer will also be put off by his high-salary expectation.
WHAT CAN YOU DO AS THE EMPLOYEE? An alarm bell should ring when the workload is less than expected. It’s fine for some time, but if the plate is not full for an extended period of time, then you will lose your competitive edge against your contemporaries in the industry. You should make an effort to fill your plate. This could be done either by asking for more work from the manager, taking up courses, or seeking transfer inside the company. You should not fall into the trap of being content with your high salary. If your skills are not improving, then you should be prepared to move out even if it means taking a pay cut.
WHAT CAN YOU DO AS THE MANAGER? You will be happy that one of the major factors leading .to attrition—salary—is not an issue arid therefore your job will be somewhat easy. But here, your role becomes even more important. In addition to meeting with your team goals, it is also your responsibility to guide your team members towards upgrading their skills, if the assigned work is not challenging, then you should set some ‘stretch goals’ (by identifying new work items) which could help people come out of their comfort zone. This is possible provided you want to come out of your own Comfort zone. Though a career is an individual’s responsibility, you too have a responsibility to provide a work environment for that individual to flourish.
