For many in the field of human capital management, the No. 1 challenge faced on a daily basis is keeping your people satisfied. It’s not hard to see why – satisfied people leads to high levels of productivity, and productivity is the key to a successful business. If your people are satisfied, your organization gets ahead – simple as that.
Opinions differ, however, on how exactly to create a happier workforce. One solution that has been discussed often is money. Everyone loves money right? And if you give them more of it, they’re guaranteed to be happier…right? This approach has survived for generations.
We’re now beginning to see an undercurrent of thinking that the “money first” mentality is too simplistic. The truth is that a lot of factors play into an employee’s satisfaction, and there are plenty of highly paid individuals like doctors, lawyers and CEOs who become unhappy with their work all the time.
Recent research from Glassdoor indicates that there’s actually a wide range of factors that can contribute to making employees happy. Andrew Chamberlain, chief economist at Glassdoor, stated in a company release that he closely examined the 25 highest-paying employers in America and was surprised at how often satisfaction stemmed from other factors besides compensation.
“Salary is not among the leading factors tied to long-term employee satisfaction,” Chamberlain said. “In contrast, culture and values, career opportunities and trust in senior leadership are the biggest drivers of long-term employee satisfaction.”
Is your organization focusing too much on giving people cash and not enough on the other stuff that really matters? If so, you’re not alone. Let’s take a closer look at the additional factors that can help you keep your employees satisfied.
Peace of mind through benefits
A big paycheck is obviously nice, but a great benefits package can be even more enticing. Having a solid health benefits package, for example, is a great way to give people peace of mind, knowing they’re in good hands moving forward.
Strong managerial relationships
Many employees have to interact with their managers on a daily basis. If they don’t get along with the people in charge, it can have a negative impact on every single day at the office. Getting those relationships right is key.
Faith in upper management
On the other hand, people don’t necessarily interact daily with the CEO and CFO of their companies. Still, though, it helps if they trust the people leading the way and have faith in their long-term vision.
Belief in corporate culture
What does your company stand for? How does your office function? What do people believe in? If all employees can get on the same page about big questions like this, it can be a huge boost to everyone’s satisfaction.
Opportunities to improve and advance
No one wants to stagnate in one position at work forever. They want to keep learning new skills and seizing upon new challenges. If your company can offer people chances to improve themselves and advance in the corporate hierarchy, that will be big for their happiness.