Money talk, but are employees listening

It is approaching that time of year when annual appraisals become a dark cloud over workplaces across the country, setting targets and rewards for deserving employees ready to kick start 2018.

But what if your budget has not been increased for 2018? How do you hold on to top talent in what is fast becoming a ‘candidate-led’ market?

Working in the recruitment sector, it is interesting to see the various motivators behind professional drive. Surprisingly, financial remuneration rarely comes top of the list. Surveys and studies dating back to early 1980’s show that people are seeking more from work than financial reward. Recognition is a consistently strong driver in the majority of workforces, with many professionals losing valued family time to the demanding professional life.

An increasing number of people are working in excess of their contracted hours, often without any financial reward. Whilst in most cases this is purely down to the professional drive of the individual, rather than pressure from above, it is a sobering reality that Forbes lists “Working so much at the expense of family and friends”, as number 1 on their 25 Biggest Regrets in Life.

On a lighter note, it seems that market leaders around the globe are making innovative steps to improve their workplace culture. Virgin Group hit the headlines in 2014, when they invited employees to a publicized conference where they unveiled the bold move to offer unlimited annual leave. Whilst some scrutinised this to be nothing more than another marketing move from Branson, that day did raise a large sum of money for charity, whilst raising awareness about the potential of the modern workplace.

Google’s and Virgin’s way of business will always attract talent from brand notoriety alone, however, there is a rise in employees seeking smaller businesses where they have more control and diversity in their role. It may not be possible for these companies to implement drastic changes to improve culture. However, cost effective solutions such as ‘Dress Down Friday’ or working from home are a way of showing gratitude to the workforce.

Approaching culture change can be a daunting task to any business, but the good news is that it truly works! Even by making the smallest adjustments, you will end up with an appreciative workforce who are proud to be part of the organisation.

As the great Richard Branson once said: “Train people well enough so they can leave, treat them well enough so they don’t want to.”