With unemployment at near all-time lows, hiring and retaining quality staff is at a premium today. Some businesses have adapted with greater automation, shorter work weeks, and fewer daily hours. Others are throwing more money at the problem in a desperate attempt to combat the shortfall in workers. Signing bonuses, pay incentives, and out-of-cycle salary increases for even the most mundane jobs are common.
All of these efforts solve short-term challenges, but rarely lead to greater effort for, or loyalty to, the company. Much of what it teaches people is to hop from one opportunity to another in an effort to increase compensation without serious regard to who they work for.
This said, compensation and employee benefits have always been important to attract people to a job. But the reason people stay and perform with extraordinary effort has less to do with pay and more to do with intangibles. Being recognized for work well done, appreciation for going the extra mile, and genuine care and concern by management are the elements that keep employees motivated and win the trust and respect of ownership.
If all you offer is money, all you will get is job hoppers. There has to be more in it for all workers and there has never been a better time to give it.
If you haven't already signed up for one of my new subscription plans, each designed to fit your specific needs, please check them out below!