In today’s business environment, people want more than paychecks. According to a recent Manpower report titled “Money Can’t Buy You Loyalty”, people want to work at an organization where the culture fits their values, where they are developing in their careers and where there’s access to professional development. Cultural fit, career development and professional development matter more than money, pay and benefits.
Of course, money still matters. But once people are paid fairly for the work they’re doing, money becomes a secondary need. Paying people more isn’t enough to make them stick around and be happy at work. What really matters is making them feel like the organization cares about their careers.
When leaders help employees figure out what’s next in their careers, genuinely appreciate them for their hard work and make sure they have opportunities to grow and learn, they build authentic loyalty and enthusiasm about coming to work. To effectively help build careers, appreciation and growth opportunities, leaders need to replace outdated notions of loyalty like pay and benefits.
Drop the One-Size-Fits-All Career Path
Notions of a linear career path in a hierarchical organization are not commonplace anymore. The workplace was largely created post-World War II and has not been updated to reflect younger generations’ needs. Increasingly, younger folks tend to prioritize issues of diversity and inclusion and refuse to stay at an organization if they don’t feel connected to its purpose.
It’s time to drop the one-size-fits-all career path and replace it with a new narrative. Rather than a traditional linear progression through an organization, what if there were cross-functional pivots and mentorship and sponsorship opportunities to learn while doing one’s job? Employees would then be ready to advance proactively when new roles and promotions become available.
Figure Out the Personal Motivation
In my inclusive-leadership workshops, I often lead an exercise where I have people close their eyes and try to quiet their minds to think about the answer to the question, “What do you want?” I ask the question several different ways to get at the possibilities of what might motivate any one person. Sometimes it’s financial; other times it’s spiritual connection, health, career or family needs that drive motivation. It often depends on the phase of one’s life. I often remind people that there are no right or wrong answers.
People, especially long-term corporate employees, are used to other people deciding their priorities for them. When they feel empowered to determine their own priorities, they’re much more motivated to achieve collective goals. Once you better understand your team’s motivation drivers, try to address those drivers on a regular basis. For example, if someone is motivated by recognition, make a habit to recognize them on a weekly basis specifically for tasks they excel in.
Empower, Empower, Empower
Once you make a habit of aligning on their motivations, it’s important to get out of people’s way. Let them feel empowered to make their own decisions and trust that they are making the best decisions for the organization.
In today’s business environment, cultural fit, career development and professional growth are more important than money, pay and benefits. Paying people more isn’t enough to make them happy at work. Leaders should help their team members feel valued and appreciated, and they should provide opportunities for growth. By dropping the one-size-fits-all career path, understanding each individual’s personal motivation and empowering employees to make their own decisions, leaders get more loyalty.