Money alone won’t retain top talent—people stay for manager quality, clear growth, meaningful work, and cultures that protect their energy.
If you were working in the corporate world around 2021, especially as an HR professional, you probably remember “The Great Resignation.” The fear of what was going to happen to companies during COVID was winding down, and people were re-evaluating what was important to them in their work. As an HR professional myself during that time, I had many conversations with managers and our executive team around why people were leaving, and what we could do to make them stay. Managers would often say that employees were leaving because “we didn’t pay them enough,” but in reality, the employees were leaving for a combination of reasons that often ran much deeper than salary.
This shift in what employees value in the workplace has not gone away in the last few years; if anything, it has just gotten stronger. In this blog, I’ll break down why great employees still hand in their resignations despite generous paychecks.
Key Points You’ll Learn:
- Pay is only one layer of job satisfaction
- Leadership and culture matter just as much (if not more)
- Growth opportunities and recognition can outweigh a big paycheck
- Burnout and lack of balance push people toward the exit
Pay Isn’t Everything
Compensation gets someone through the door, but it won’t necessarily keep them there. Once financial needs are covered, people start looking at other factors: meaning in their work, how they’re treated, and whether or not they can see a future at the company.
I’ve seen employees who were among the highest paid in their field choose to leave because they simply didn’t enjoy coming to work anymore. No bonus check is big enough to make up for a toxic environment.
Culture and Leadership
You’ve probably heard people say “people don’t quit jobs- they quit managers” over and over again. It’s a cliché for a reason. Strong leadership and a healthy culture play a bigger role in retention than most executives realize. Employees want to feel respected, heard, and valued. If a manager makes life miserable, or if the culture celebrates overwork and politics, even six-figure salaries won’t make people stick around.
On the flip side, when people feel appreciated and supported, they’ll often stay, even if the paycheck isn’t the highest on the market.
Growth and Purpose
Another big reason people leave despite solid pay is boredom or stagnation. Top performers want to grow. If they feel like they’re stuck doing the same tasks with no path upward, they’ll start looking elsewhere.
Purpose plays a role, too. Employees want to feel proud of what they’re contributing. This is especially common with Gen Z and Millennials. A recent Deloitte global survey found that 89% of Gen Z and 92% of Millennials consider a sense of purpose to be very or somewhat important for their job satisfaction and well-being. If the company’s mission doesn’t resonate with them, or if they don’t see how their role matters, disengagement creeps in.
Work-Life Balance
Work-life balance is a term that gets thrown around often, but what does it really mean? The Cambridge dictionary defines work-life balance as “the amount of time you spend doing your job compared with the amount of time you spend with your family and doing things you enjoy”. In the 2025 Workmonitor study by Randstad, work-life balance surpasses pay as the leading motivator for employees for the first time in its 22-year history.
Work-life balance differs from the Quality of Work Life, which refers to how well a company meets its employees’ needs, but a higher Quality of Work Life will help to increase work-life balance, as it can decrease stress at work and increase job satisfaction.
Retaining Top Talent Goes Beyond Salary
If you’re wondering why people are leaving despite great pay, remember: money is only part of the equation. Employees want meaningful work, supportive leadership, opportunities to grow, and the ability to live their lives outside of work. When those needs aren’t met, even the best salaries won’t stop them from moving on.
So yes, pay competitively, but don’t assume that’s enough. Retention is about building an environment people want to stay in, not one they feel trapped in for the paycheck.
