Thursday, October 6, 2011

It's Not Just About the Money

Studies have consistently shown that employee compensation, although important, is
not the primary factor that makes workers stay at a company. It’s not all about the
money. In fact, some firms that provide stellar compensation packages suffer high
turnover, low morale, and dwindling market share. Others – including smaller
companies that may not offer tip-top benefit packages – maintain a loyal and
dedicated workforce that regularly contributes to the company’s success. In fact, many
studies show that happy workers provide more efficient production, better customer
service, and greater innovation. They’re also less likely to quit or call in sick.

What factors could make your company a better place to work? Here are four keys.

• Respect. Show employees that they matter by providing them with necessary
training, acknowledging outstanding work, and creating a healthy and upbeat

• Fairness. Treat employees equitably. This applies, of course, to hiring and
promotion decisions, but might also include sharing the firm’s success through a
structured bonus plan.

• A sense of pride. Most people enjoy working with a team that accomplishes
something significant. Create this type of work environment and you’ll foster company
loyalty. Strive to make everything you do – and everyone you employ – an integral
part of the firm’s mission.

Opportunities. No one looks forward to a dead-end job. Give your workers an
adventure to anticipate. Find ways to expand their horizons. For example, you might
provide cross-training to develop new skills or encourage innovation.
Even if you can’t offer the best compensation package on the planet, satisfied workers
can help propel your company forward. And they’ll let their talented friends know that
your company is a great place to work.

If you have any questions, please give us a call at (219) 769-3616
or e-mail your questions to