For the Love of Money (Not)

by | May 25, 2023

According to the Bureau of Labor Statistics, the average person changes jobs every 4 years.What drives an individual to consider new opportunities?Increasing one’s income was cited as the most important factor, but there were several other factors that were nearly as important as income.The other reasons were disliking the work environment, needing more opportunity for growth, seeking a better work-life balance, and not feeling passionate about the job.All these reasons focus on quality-of-life issues and suggest that unhappiness isn’t just about pay.Other researchers found that poor management and a toxic work environment tends to be a major trigger for job change, as well.If an agent tells you they’re leaving for a better split, it may be true. But it’s rarely the only reason.  Dig deeper and try to uncover the other factors contributing to the decision.And encourage them to factor in quality-of-life and management issues (as well as pay) when making their final decision.If you can’t save the one leaving today, it’s not a total loss if you’re able to discover the underlying reasons for their dissatisfaction.This will give you time to fix problems they identified before others become dissatisfied for the same reasons.

 

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Unlock the secrets of effective real estate recruiting. Revised to include actionable frameworks for sharper execution and to help you turn psychological theory into a repeatable recruiting system.

The Attrition Variables

The Attrition Variables

While these attrition constants still have the greatest influence, there are some emerging attrition variables worth noting. People also tend to leave companies when: They feel like they’re not doing as well as others in their peer group outside the company. They feel like they’re not as far along as they should be at a certain point in life.

The Attrition Constants

The Attrition Constants

If you’re not focusing most of your retention effort on these issues, you’ll miss the mark. If you’re not focusing most of your recruiting effort on exploiting these weaknesses among your competitors, you’re missing the best opportunities.

The Persistence Mindset

The Persistence Mindset

A leader equipped with this mindset can have a profound effect on the life and career of each individual they engage. It works because an agent is getting a real-time glimpse of what it would be like to work on your team. But it only becomes believable when it is persistently applied over time.