As an employer, it’s important to learn and understand what your employees find important in a job offer. Think about what today’s workforce finds important when looking for a job. Is it the salary, benefits, the culture, or all of the above? These can be determining factors on whether or not an applicant chooses to join your company.
To ensure that you’re providing your current and future staff with the right compensation and working culture, keep on reading.
Compensation At the Workplace
It’s well known that wages remain to be one of the most common motivators for employees. Simply put, money is at the top of the hierarchy when an applicant considers a job offer. Salaries are what people need to survive, providing necessities like food and rent.
Great companies invest in their assets. Whether it’s the newest equipment or more importantly, their talents. While work culture is more sought after in the job market, does not undermine the value of compensation. As an employer, it’s important to pay fairly and give your employees value. Ensure that your current and future employers are being offered the right compensation along with other monetary rewards once in a while.
Compensation helps employees meet their everyday needs, helping them afford the things they need to survive. However, human beings require more than the basics to live a fulfilling life. As an employer, it’s important to provide your employees with more.
While monetary rewards in terms of bonuses or a raise can be motivating for employees to accept a job or do their best, it isn’t everything. Individuals also look for other benefits that make them feel supported, safe or encourage personal growth and fulfillment. Once an employee’s monetary needs are satisfied, employers need to think about their workplace culture.
Culture At the Workplace
According to Glassdoor, a high salary doesn’t always equal workplace satisfaction. While compensation can seal the deal for a new hire, it might not be enough for them to stay dedicated to your company. It was found that a company’s culture and values along with strong leadership and career opportunities are highly sought after amongst job seekers.
If you’re currently deciding which to focus on; compensation or culture, the answer is both. As mentioned earlier, compensation may be the first step to attracting top hires but it isn’t the be-all and end-all. Employees today look for companies where they can thrive. As an employer, it’s important to work on your company’s workplace culture. It’s time to invest in employee engagement to create a safe and healthy environment for your people.
Good employee engagement has a direct correlation to your company’s overall performance. Your company is only as good as the people in it. So, if you’re people aren’t engaged in what they’re doing, it could cost you. A study by Gallup found that disengaged employees cost companies a heft $450 billion due to low productivity.
In the same survey by Gallup, 95 percent of the participants chose culture over compensation. As a result, companies need to bring utmost importance to their working culture. Build your company’s employee engagement to boost morale and increase productivity in the workplace.
The Final Verdict
So, what’s more important? Compensation or culture? After reading the article, culture supersedes compensation. However, it’s important not to neglect monthly paychecks and other monetary rewards. As an organization that employs various professionals, it’s important to understand how to make your people’s experience positive.
Focus on creating a working environment where your employees can grow in their careers as well as provide for themselves. It’s important to consider how you can make a positive impact on their lives in and out of the office. Because when you value your people, more value will be placed in your company.