About (2): Not everyone is just chasing money. I know several very good engineers I'd love to work with which have left to lower paid jobs because they got tired of internal politics and a bad culture, terrible tools and horrible projects. I personally value more (1) as long as my minimum for (2) is meet.
About (3), that just makes things worse in my opinion, people end up working for their CVs, their side projects, and their future company. You would certainly retain them, but not sure if that's the kind of people that will make your company successful.
After a given minimum figure for my salary, I personally would value more WFH, having good tools, being able to make progress and not feeling stuck because of bulls??t and a nice manager and team that focuses on getting things done and shipping. No amount of free avocado would compensate it for me.
So, to OP, (as someone commented elsewhere) just LISTEN to them and ACT to help them fix what they see wrong. That's it. I'd be surprised if the only things they want to stay is more money.
I think it’s more that you can compensate for everything else by just increasing (2), so if you cannot fix your cultural issues just yet, you can keep your engineers if you pay them more.
The moment someone else pays them more for a more pleasant environment you are 100% guaranteed to lose someone.
As I said, I doesn't work like that for me nor for some other engineers I know of. There are definitely people which are only interested in money and that's the main motivator for anything in their life. They're definitely trading their time for money. I know many people like that and I respect the way they see their profession. I prefer not to work with people like that, and I believe those are often times not your best employees. If you tell me I'm going to earn 50% more than at my current job but I have to wear a suit and deal with bullshit all day in a toxic environment, I'm sorry, I prefer my current salary and job. There is no way you can pay for making me will to kill myself 8 hours a day. Not enough money in this world for that.
This doesn't sound right to me at all. There are environments and fits where people will leave, no matter what you pay them.
And people have an inherent bias for the status quo because of job switching costs (or if they don't, they're not long for your company anyway). If they're happy and feel fairly paid, they're not going anywhere. If they get a competing offer such that it no longer seems fair, if you've created an environment of trust, they may even tell you.
I don't think that you can compensate for everything else by paying more. I'm with the GP in that I have a minimum requirement for pay. After that, culture, flexibility, and hands-off management matter far more.
You couldn't pay me enough to work in a toxic culture. I've been there, and no amount of money is worth it to me.
I think in the context of a holistic approach to keeping great employees, above-market compensation is important, whether they are "chasing money" or not. If your market rate is 200k, should you be happy with 150k? In all but the most extreme outlier areas of the country, that's more than enough for all your bills, have a fully funded 401k and Roth IRA, and recreational/spending/fun money on top of it. You might say "oh I like where I'm at" or "the devil you know beats the devil you don't" or whatever, but most people don't think like that. And the best people in your organization will look at places with equal or better culture, who are paying 10, 15, or 20% above that 200k market rate, and leave.
Getting your just compensation isn't about "chasing money," it's about making sure you're paid what you're worth. The market largely dictates that and it's easier than ever to get a rough idea (+/- 20% is pretty easy) of where you stand based on experience, industry, location, and leverage.
> I'd be surprised if the only things they want to stay is more money.
I agree with you, but I think it is worth to reiterate to some people that pay does actually matter (Doesnt have to be above market in my opinion).
I'm fed up of people thinking they can compensate for not paying adequately by buying a ping pong table and a vague promise of "great growth oportunities"
About (3), that just makes things worse in my opinion, people end up working for their CVs, their side projects, and their future company. You would certainly retain them, but not sure if that's the kind of people that will make your company successful.
After a given minimum figure for my salary, I personally would value more WFH, having good tools, being able to make progress and not feeling stuck because of bulls??t and a nice manager and team that focuses on getting things done and shipping. No amount of free avocado would compensate it for me.
So, to OP, (as someone commented elsewhere) just LISTEN to them and ACT to help them fix what they see wrong. That's it. I'd be surprised if the only things they want to stay is more money.