How I Kept My Best People When Everyone Was Jumping Ship

In my roles as manager, director and eventually CEO, I’ve watched the business landscape transform over the last thirty years. Today’s top talent isn’t just chasing bigger salaries – they’re seeking something deeper. Here’s how we maintained a 92% retention rate during ‘the great resignation’ amidst Covid’s aftermath, without breaking the bank.

The Salary Reality Check

Let’s address the elephant in the room – yes, competitive pay matters. We track market rates and adjust accordingly. But here’s what surprised me: when we interviewed people who stayed despite higher offers elsewhere, salary ranked third in their decision-making.

What ranked higher? Growth opportunities and workplace culture. This matches what McKinsey’s research found – that people leave roles not just for money, but because they don’t feel valued or sense a lack of belonging.

Beyond the Paycheque

We implemented several strategies that cost less than matching inflated market salaries:

Skill Development Pods

• Create small groups focused on specific skills
• Mix departments and experience levels
• Set real business challenges
• Present solutions to leadership
• Implement winning ideas

This gives everyone exposure to different aspects of the business while building their portfolio.

The Wellness Factor

Physical and mental wellbeing became our focus. Our partnership with Fruitful Office guarantees my staff a consistent source of daily fresh fruit and healthy snacks. Simple? Yes. Effective? Absolutely. The office fruit delivery company’s own ‘great fruit experiment’ research showed an 11% boost in productivity, but we saw something even more valuable – people felt cared for, a cherry on top (if you’ll excuse the fruit pun).

Other wellness initiatives included:

• Flexible start times (7am-10am)
• Remote work Wednesdays
• Monthly wellness allowance
• Quarterly mental health days
• On-site massage therapy

Growth through Responsibility

Instead of traditional promotions, we created “stretch projects”:

• Team members pitch to lead new initiatives
• They build their own project teams
• Full autonomy over execution
• Direct board presentation opportunities
• Budget management experience

This gives high-performers leadership experience without waiting for positions to open up.

The Power of Recognition

We scrapped annual reviews for:

• Monthly achievement celebrations
• Peer recognition programs
• Skills passport system
• Client feedback sharing
• Growth journey spotlights

Making Time Matter

Your best people value time over trinkets. We introduced:

• Birthday weeks (pick any 5 days off)
• Work anniversary long weekends
• Early finish Fridays
• Extended lunch breaks
• Sabbatical options after 5 years

The Family Factor

Supporting family life became crucial:

• Enhanced parental leave
• Emergency childcare support
• Family health insurance
• School holiday flexibility
• Return-to-work coaching

Creating Community

We built traditions that matter:

• Monthly team lunches
• Skills exchange days
• Cultural celebrations
• Family office days
• Volunteer programs

The Results Speak

Our approach yielded:

• 92% retention rate
• 88% internal promotion rate
• 95% employee satisfaction
• 47% reduction in sick days
• 23% increase in productivity

The Financial Picture

Yes, these programs cost money. But compare them to:

• Recruitment costs (typically 20-30% of salary)
• Lost productivity during transitions
• Training new staff
• Team morale impact
• Client relationship disruption

Our investment in retention programs costs roughly 12% of what we’d spend replacing people.

Looking Forward

We’re now testing:

• Four-day work weeks
• Project profit sharing
• Learning sabbaticals
• Global exchange programs
• Innovation incubators

The CEO’s Challenge

Your role isn’t just about keeping the lights on – it’s about creating an environment where people thrive. Money matters, but purpose, growth, and belonging matter more.

As leaders, we must ask ourselves: are we building companies people want to be part of, or just places they work until something better comes along?

Remember – your best talent isn’t just looking for their next role. They’re looking for their next home. Make your company worth staying for.

What could you implement this quarter to make your people feel truly valued?