It’s not about the money… it’s about leadership and culture. Watch this 90 second clip from the 2022 Tech Leaders Forum where John Binkley had an opportunity to discuss trends in the job market and how to retain the right talent, for the right reasons.
When we engage with a candidate, and they lead with compensation, that’s not a candidate that we’re going to represent because it’s all about leadership and it’s all about culture. What’s really fascinating is they surveyed executives that had left their organizations during the Great Resignation and 70% regret leaving their previous employer. Why did they leave? The money.
As we all experienced what happened post pandemic, there was a rebound in the market and companies over fired in 2020, and over hired (meaning from a compensation perspective) in 2021. They used money to lure top talent so what that meant was they got the wrong talent, not the right talent. As a result, those individuals who left those organizations for 30, 40, 50 percent raises are now being resented by the organizations that they’ve joined… and they’re feeling that.
So the positive part is that means there should be a leveling of compensation expectations and the top talent will be going back to being motivated by the right things: “I want to join an organization because of their culture, because of their leadership, purpose, values, etc.” and the expectation we’re finding for the right type of talent is what it’s always been a working candidate: expect to see typically a 10-15% increase from their current organization to make a move to the next organization.
