Tag: it not just about money

It’s Not Just The Money

In a bid to hire the most talented of employees and then retain them, organizations often dangle the carrot of a bigger and better pay packet than their competitors. The underlying thought here is that people are attracted to jobs that pay well; however, there are several other factors that make a bigger difference to employees who are on a job hunt.

The SHRM 2011 Employee Job Satisfaction and Engagement Survey Report presents exactly this point. According to this survey, employees look primarily for job security, followed by an opportunity to make use of their abilities. The third contributor to employee satisfaction is the relationship the employee shares with the immediate supervisor. Nowhere does pay packet figure in this list. Therefore, if you are looking to attract and retain talent, it is obvious that you have to pay attention to these factors.

It is obvious that you have to pay attention to these factors.

Job Security
Given the volatile nature of markets today, employees look to work with organizations that have a firm footing in the industry and whose name is associated with value and trust. Offered a job with such an organization, employees may be willing to accept a slightly lower pay because they feel secure and confident of working there for a longer duration.
Opportunities to Use Skills
As a manager, it may be difficult to delegate responsibilities because there is no way you can be sure the employee will handle it to perfection. However, most employees see responsibilities as a sign that you trust them. The boosts this gives to their self-esteem will make them want to work harder if necessary to prove that they are worthy of your trust. Giving employees an opportunity to put their abilities to use when combined with giving them a certain degree of autonomy in choosing the way they do a job is one of the key ways to keep employees engaged.
Relationship with Immediate Supervisor
Gone are the days when the supervisor laid down the rules and the employees complied silently. Employees today want a more democratic set-up in which their opinion is valued and respected. Ensuring a harmonious relationship between employees and their supervisor may mean you need to invest in a few training programs on communication skills for managers who need to learn about interpersonal relationships and building rapport.

Even in today’s times of recession, companies will not hesitate to hire someone who has the necessary skills to do a good job. What this means is that there is always that proverbial green grass on the other side of the fence to lure your employees. What’s more, as the SHRM survey shows, they may be willing to make the switch for factors other than money. Therefore, if you wish to retain key staffs who add value to your organization, it is time you began focusing on creating a workplace environment that is attractive to your employees.

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