Why Money Isn't the Key to Retaining Talent

Contrary to popular belief, employees don't just leave because of the money.

Simon shares insights from his conversations with Navy SEALs and highlights the deeper reasons behind the departure of highly talented individuals and the crucial role of leadership in employee retention. Discover the importance of a higher purpose and a sense of connection to a larger mission in fostering long-term engagement

Video from the US Navy Junior Officer Training Symposium, March 2023

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Simon is an unshakable optimist. He believes in a bright future and our ability to build it together.

Described as “a visionary thinker with a rare intellect,” Simon has devoted his professional life to help advance a vision of the world that does not yet exist; a world in which the vast majority of people wake up every single morning inspired, feel safe wherever they are and end the day fulfilled by the work that they do.

Simon is the author of multiple best-selling books including Start With Why, Leaders Eat Last, Together is Better, and The Infinite Game.

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#SimonSinek

[GLJosh]

I can agree that money isn't the "key" but in some cases it is a part of the reason why people leave. Money is commonly used because it is a VERY easy to utilize tool.

[Commander]

While I don't entirely disagree, there has never been a single worker in the history of labor who has walked away from their job because they were paid too much. Yes, people are indeed less likely to leave a positive work culture, but saying "it's not about the money" has become a trendy way for businesses to delude themselves into thinking it's not worth it to pay people more. Far from it. Money is _absolutely_ a powerful variable in career satisfaction. Just not the only one, and often not the most important either.

[KourageousXY]

I work as a GM in the Quick-Service food industry. I have the lowest turnover by far in my district, with only 2 of my 15 employees having been employed less than a year. This industry is notorious for high turnover.
My focus lies in building a healthy, positive relationship with my employees. This in turn causes them to care for the well-being of each other and not be so careless about increasing another's workload. This results in less callouts and less upset hard-working employees feeling like they have to carry lazier staff members. Which are the biggest reasons people leave. The pay in this industry at this level is more or less the same regardless of where you go, so the best work environment is where people stay.

[wrathfirex]

Money is needed to satisfy needs and securities. If the seal wasn't paid enough to buy a home and feed his family, guarantee they would leave

[Tumelo_Wolf]

This is the best advice I've heard all year

[brain_respect_and_freedom]

Money doesn't win with frustration.

[tomcopple]

I think one thing to would be for leaders to find ways to align the organizations mission with employees mission.
I've worked in Environmental Services at 2 hospitals. At both, I had heard that our jobs were callings, we save lives, and they don't want people who are only here for a paycheck. And I always felt uncomfortable with that because I was only there for a paycheck, I just felt my employers had a right to expect quality for the pay.
When I finally let everyone pressure me into management, I never tried any of the slogans we were given. I just asked people their goals, and tried to set it up where them helping me would help them. I had no prior (proper) management experience and messed up plenty, but where I succeeded, I feel it was because of that approach.

[albertocordova]

Nor money neither AFRAID. Greetings to you Simon.

[TheMortezaMahdavi]

Money is important, in some places and some others not. We need to know what is exactly the root of the problem and then starting to spending money for solving it.

[pandurangacr]

I feel that, culture and mission make the people more fulfilled than money❤

[miazitadesiign]

Simon, if you ever write a book entitled It’s Not You, It’s Me. Why leaders should examine their role in high employee turnover rates, I’ll buy a couple of copies.

[luisraulaceretoricalde]

I agree that money isn't the key to retaining talent as long as those talented people are paid fairly. If they are below the market significantly, then as much as they may love the company, they will look for better opportunities, especially if they have families to look after.

[knutboehnert]

A good culture, feeling valued for my contributions to success and payment are for me the three pillars of a job. Money only covers up when the first two are not what I expect them to be.

[tahiyamarome]

There is a baseline that needs to be met. Far too many jobs don't pay enough to live on at the entry level. People have the right top earn a living wage at the entry level. Olds don't get this.

[kanewadel]

A plant or a three naturally know she as to grow, why us, human need to know our "why" to grow

[aliceee_]

I don't completely disagree, money alone is not a panacea for retaining talent in the workplace. While competitive compensation is undoubtedly important, several other factors also have a significant impact on employee satisfaction, engagement, and loyalty. That’s because today’s employees seek a sense of purpose and fulfillment in their roles. Monetary compensation, while important, does not always align with these intrinsic motivations. Organizations that invest in creating a positive work culture, providing meaningful work, and fostering a sense of community tend to find themselves with more engaged and loyal employees.

[OlgaSunny-plsg]

Capitalism is built on a basis of wanting money or more likely needing money to sustain a basic lifestyle. For instance if one doesn’t have work you end up on the streets, you’re only a paycheck away to join homeless coalition. Than people who do ask governments support they are looked down. No one asks the question how did you get into this position a first place? We had a priest who gave a beautiful presentation at my work who said when I lost my job I had to support my family and I remember with such embarrassment I was applying for government’s assistance and said for the first time ever he felt how marginalized and overlooked underprivileged people were. In Soviet countries if you worked government gave its employees homes but on a contrary people struggle to put food on the table because everything was in deficit. If you needed a bread the lines were 2-3 hour wait do for other groceries. Neither of the systems are reliable as if you lose your job you lost everything because your bills won’t forgive you, you got a pay them in time so is the other system where people had not enough produce for the entire country.

[nickcrovo]

Uhh, money is absolutely the key to retaining talent, people want to pursue their own goals, not someone else's. They can pursue those goals with the money you pay them for helping you achieve your own. The most common reason people join the military is that they pay for college.

Anyone who thinks work isn't about money is delusional.

[henlohenlo]

the stupid military doesn't do work that benefits anyone. it's GOOD thing that people don't join and our taxes should be cut back from funding out military, we need housing and food in our home lands, and the military people come home and eat up resources and overall living standards as a collective is lowered. so military spending is bad, having people work at home with housing and food production is good. blue collar work is good. "retaining talent' is such a narrow and dumb way to analyze any situation relating to business because it is ignoring the larger picture.

also workers want health and safety conditions to be good, the pay to be good, and not pressured to be break laws or deal with employers breaking laws, etc. but most employer lack in 1 or more of these catagories unfortunately. but also the work has to be impactful work that actually helps with living standards many jobs dont do this, and if they are eliminated it is OKAY, and this is true with military.