Yesterday we discussed the importance of keeping good staff. Retaining satisfied staff is more cost-effective than hiring and re-orienting new staff.
Salary is often downplayed in surveys of why people change jobs. If a job is challenging, co-workers are congenial, and management is supportive, few people would change job for just a dollar or two raise - but few people strive to take a salary cut when they move to a new place. With agents who may want a better commission or ownership, this dynamic might be a bit different if a lot more money is involved.
I'm betting that money and the opportunity to make more figures into most job changes - but in conjunction with something else.
What is the working environment like? Is the place organized, so everyone is clear about their role or is the operating mode pandemonium? Is the workplace so stratified that "lower level" employees are made to feel inferior?
Regardless of their role, are employees made to feel like a part of the enterprise or as outsiders? Are their ideas valued if they are low on the corporate food chain? If a particular employee left, would anyone care? Are people and their ideas respected?
Do employees get good support? Do they have the resources to do their jobs and the feedback they need to assure them that they are on the right track?
Do they have chances to advance? Not every employee has the same goals and not every employer can offer the same degree of advancement, but what chances for growth are available?
It's misleading to imply that money is unimportant though. In our society, money is a tangible way of saying "I respect you and value your service." When recognizing these things, employers can not break the bank with salary increases, but praising good work, offering chances for more responsibility, and treating people with respect - coupled with some increase - will result in a happier workforce, less turnover, and less disruption of client service.
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