5 Factors That Influence Employees More Than Money

In a survey of over 5000 job seekers, it was determined that only 13% of employees wanted to switch jobs because they were dissatisfied with the pay they were getting. A whopping 87% of employees wanted to switch jobs primarily because of other factors such as dissatisfaction, disengagement and so on.

While a salary is important as it helps employees put food on the table, it isn’t enough for employees to stick to an organisation. It is highly imperative that organisations identify the factors that matter to employees and cater tot them in a bid to retain happy and engaged employees.

Here are the five factors that influence employees.

1.?????Feeling a Sense of Purpose

Everyone needs to have some sense of purpose in their lives to keep their Morales up. In the case of many employees, particularly younger ones, it is that sense of purpose that keeps them going. Employees need to tangibly feel the impact of their work for them to be able to understand their purpose and role in the organisation.

In fact, many employees have left highly paid jobs only because they did not feel a sense of purpose within the organisation.

2.?????Positive Company Culture

A culture that fosters happiness, camaraderie and rapport is of utmost importance to all organisation, irrespective of the sector they are in. When the organisation’s culture is transparent yet flexible, employees feel the need to be more loyal to their colleagues and the organisation.

In fact, despite a slightly lower pay many employees stick to their organisations owing to the culture that fosters a sense of belonging within the organisation.

3.?????Learning and Development

Every employee wants to strive, grow and succeed. Learning and Development initiatives truly matter to employees and many may choose to get upskilled and even transition to other roles within the organisation when given the right opportunity for growth.

In fact, providing learning and development initiatives reflects the faith and confidence the organisation has in the employees further boosting productivity, camaraderie and engagement.

4.?????Career Progression

When an employee joins an organisation, they do not need to, or even want to know what they will be in the future. However, something every employee would like to see and observe through their career is a progression path that enables self-growth and acceleration. Employees can also be provided with multiple career growth paths or trajectories to help them make different decisions at different points.

5.?????Appreciation and Acknowledgement

We are all humans and simply love our efforts to be acknowledged and appreciated. A virtual pat on the back in the form of a testimonial or announcement in the organisations newsletter can do a world of good. In fact, organisations that have a culture of appreciate report increased employee satisfaction and engagement.

The Bottom Line:

An organisation that treats its employees well is definitely the best organisation as it creates a space where employees can feel safe, secure, happy and comfortable.

At the end of the day, while money matters, several other things can matter more than money. By catering to these, the organisation can ensure the welfare and wellbeing of employees.