Page 20 - WV811 2023 issue 1

You ultimately must answer that question for your company. But I’m asking you to read this article before you do.
Let’s begin with examining the figure below showing that money can actually create more dissatisfaction than satisfaction.
The graph illustrates that being underpaid by $1 per hour produces more dissatisfaction (-3) than the satisfaction level produced (+1) upon receiving a $1 per hour pay increase. Research has shown that the positive impact upon receiving a pay increase lasts about seven days to quickly return to zero.
It’s a given that everyone needs money and employees want and expect to
be paid a competitive salary in their respective market place to maintain their style of living. It’s also important to note that acquiring money is very motivational for some people. Yours truly was one of those motivated people as I emerged from a financially
impoverished family. Since then I’ve learned that money will find you when you follow your passion.
The good news is that the majority of employees, particularly the younger generation, want something more
than money. First, employees want to be respected for the “brain” that you employed and showed they are valued. Asking for employee input, listening to understand it, and using it whenever possible is the critical triage to improve company loyalty.
Second, employees want to be a part of an organization that knows where it is going. This fact speaks directly
to why I urge companies to establish and implement a company vision and mission. It is human nature to “want” to be part of “something” that is larger than the individual. There is a degree of psychological security offered when this occurs. Yes, there are individuals who prefer to strike out on their own as I did when I started my company. These hearty souls are in the minority
+$1/HR
-$1/HR
and the last research I’ve read show that only 10% of such businesses succeed.
Third, employees want both to be challenged by their job responsibilities and develop a career plan for their employment. Achieving this end means supervisors must be attuned to work with their employees to develop such a plan. The fact is many supervisors find such conversations uncomfortable and default to the attitude that the employee will figure that on their own “as I did!” Yes, many of the people I’ve asked, what do you want to be when you grow up tell me, I don’t know! But that should not stop a supervisor with working with these employees anyway, because people want a meaningful life and a career, as opposed to a “job”, is part of that life style.
Now review the three points and answer this question – what does it cost to integrate these three characteristics
into your company? There are many leadership gurus who tell us high performing companies integrate these characteristics into their culture, e.g., Eric Chester with his book, On Fire at Work. Your company can be one of those as well.
Larry Cole, Ph.D., is founder of TeamMax a consulting company that helps people work together. Please send questions and/or comments to Larry at teammax100@gmail.com.
Can Money Buy Employee
Loyalty?
By Larry Cole, PhD. TeamMax
Satisfaction
Dissatisfaction
+3 +2 +1
0 -1
-2 -3
18 • West Virginia 811 2023, Issue 1