"Generally speaking, if you want a job, you can find one. And you can probably find another one that pays a little bit more.
A Gallup research showed people leave bosses, not companies. Money matters, but only to a certain degree. Perks matter, but only to a certain degree.
Once pay and benefits are fair -- not industry-leading, just appropriate and reasonable -- how you treat people makes a huge difference.
If I don't feel valued, I won't recommend your business to a friend -- even if you will pay me to do so. No referral bonus is worth having to explain to a friend why you lured them into a cr---y job.
Want to improve your odds of keeping your best employees and hiring potential superstars? Get your pay and bonus systems in order, and then think longer term.
One example: A study of more than 400,000 people published in Harvard Business Review found that when employees believe promotions are managed effectively, employee turnover rates are half that of other companies in the same industry. But wait, there's more; Productivity, innovation, and growth metrics outperform the competition. (For public companies, stock returns are almost three times the market average.)
Promoting the right people matters, because it shows you value integrity and equity. Promoting the right people shows you reward performance and potential.
Bottom line? Money matters -- until it doesn't.
Because you can't buy great employees."
I was reading the article and couldn't stop myself from thinking about how botched is the promotion system at Ford, how bad the company treats its employees and suppliers, how morale is down because all these layoffs, how shortsighted are the people in upper management.
By focusing in the next quarter results, instead of long term, the Ford family is ki----g the golden goose. Expecting to replace all experienced workers with lower paid employees and believing that would save the company money, with no repercussions in the production, it is beyond naive, more like bordering the criminally stupid.
Most of the Ford experienced employees are staying because of the pension. I wish them luck, because even if the survive all the waves of layoffs, I would not be surprised if Ford tries to pull a "Delphi-like" move in the future. Just remember there is life outside FMC.