When it comes to driving traffic, nobody likes to get stuck in the discount wars. Relying too heavily on discounting is never a recipe for success. It creates promiscuous customer behavior as we train them to “wait for the next deal.”
The same thing is happening when it comes to talent acquisition but in reverse. Stick with me.
We need to apply the same rigor to providing an employee experience that “worth it” just as we do for our guests. If we just talk about salary alone, it will ultimately do the same things as heavy discounting—it doesn’t build loyalty and people will jump to the next gig.
The value equation is the same: What they get versus what they gave.
You’ll notice that “money” is the denominator, too. Why? Because in today’s market, your competitors may willing to pay more, so why should your employee stay—because “it’s worth it!”
Why It Matters:
We can’t simply transact with employees on salaries.
- 1. If your most valued employees would be offered more money, would they stay?
- 2. What are the reasons beyond salary that they would want to stay?
- 3. What makes your employee experience “worth it?”
In our customer experience, we don’t want the conversation to be just about price. So why are we letting the employee experience become so much about salary only?
Your answer better not be: “because that’s what everyone else doing and it’s the only way to compete.”
Is it? That approach is the “race to nowhere.”