Do you remember that Tom Cruise flick, Jerry Maguire? The young wide receiver played by Cuba Gooding, Jr. breaks it down pretty simply: “Show me the money!”
As often as we hear about factors like corporate culture, work-life balance and company mission as key influencers in how we choose employers, you might think compensation has taken a backseat to perks and work environment.
But you’d be wrong. A recent survey by HR Morning lists money as employees’ primary motivator. Sure, if you ask your team what keeps them coming in every day, you’re likely to hear nobler, more polite answers – I love the challenge! I feel like I’m really helping people! But then, they know you’re listening, and nobody wants to be known as the guy only sticking around for a paycheck.
Joshua Bjerke wrote an article on the topic recently for Recruiter.com, stressing that providing competitive pay and benefits is the single greatest way to retain workers in today’s marketplace. This is particularly true, given that the Great Recession is still fresh on our minds; we know now that most jobs are not recession proof. And while our economy may yet be in recovery, so too are our 401(k)s.
These days, competitive pay ought to be the cornerstone of any solid retention plan. Of course, an impressive paycheck can’t work alone to help you keep hold of your top talent, but couple that benefit with flexibility, recognition and capable management, and you’re well on your way.
Published by Conselium Executive Search, the global leader in compliance search.
