Ray was looking at his list. “So, I can count on losing this person. They already gave their notice. And I know they will continue to have contact with the other team members, so I know they will talk.”

“Yes, they will talk. And they will talk about money. And money will appear to be the only reason to work at one company versus another. In what way can you, as a manager, put this in perspective for your team. In what way can you effectively communicate, effectively remind people about the other reasons people work, the other reasons people work here?”

Ray was shaking his head, then nodding his head. “So, it turns out that our team culture is really important after all.”

“Yes, when we sit and talk about job satisfaction, matching people’s talents with job requirements, matching people’s capability with the challenge level in the position, creating a trusting work environment, you think I am talking about being warm and fuzzy. The reason that stuff is important, the reason you have to pay attention, is to win this war against competitors. And you can’t win it with money.

“And if all your competitor has to offer is money, then you will make it very expensive for them. And in the end, their cost structure will be out of whack, and you will still win your customers. Culture eats the competition for breakfast.”