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"The Truth about Compensation and Retention: Money won't keep the "poachers" away."

This post was written by Nora Riva Bergman: "If you still think retention is mainly about money, find out how much it is costing your competition to get people to leave you.  That's called your "poach rate."  If your poach rate is less than 20 percent, it ain't the money, honey!  People who love their work, love their boss, and love their company don't leave unless the offer is coming from the Godfather.
- John Putzier

So you're ready to rethink your associate and staff compensation systems.  That's a good thing.  Many law firms give little thought to how their compensation plans are structured.   And while everyone wants to be well paid for their work, in terms of compensation, the old saying is true: Money isn't everything, and it definitely isn't the only thing.  I'm not saying that monetary compensation isn't important.  It is. What I'm saying is that if you're focused solely on dollars, you're not likely to attract and retain the best and brightest associates or staff.

In his book, Drive, Daniel Pink explains that based on years of behavioral and motivational research:..."

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Source: Real Life Practice, 16 August 2010. © Real Life Practice, reproduced with permission of the author.

Full post as published by Stark County Law Library Blawg on August 17, 2010 (boomark / email).