People do not seek transactions.

Or better, if what they seek is a transaction – for example, I give you my time and energy and you give me money in return -, they can find it pretty much everywhere.

Of the three sources motivating people, the only one that is independent from the context is the work they do. And yet employers focus most of their engagement and retention strategy on that very same source, therefore failing to differentiate from any other employer in the world.

If you work in HR or if you are an entrepreneur, there is a clear opportunity for your company to stand out. Make space for employees to build meaningful relationships, give them opportunities to get to know each other when not talking about work, build a culture from the ground up – the only type of culture that employees can perceive and buy into every single day. Have your managers and leaders show them that they care.

It is not what used to matter a few years back.

It is the only way forward now.

Along the way, many senior executives will be challenged to reimagine how they lead. The skills that made leaders effective before the COVID-19 pandemic—strong coaching, mentoring, creating strong teams—are just table stakes for the challenge of the months and years ahead.

McKinsey, “Great attrition” or “Great attraction”? The choice is yours.