Laugh or cry, it’s up to you
How does the saying go?
It’s something like ‘I would rather cry in a Mercedes than laugh on the bus.’
This is just another version of the old time-worn saw ‘Money doesn’t buy happiness.’
Well, neither does poverty, but that’s beside the point.
The question here is how much does employee compensation affect employee morale?
Gravity Payments, a Seattle-based credit card processing firm that announced it will raise its minimum wage to $70,000 per year and the response has been mixed. Some staff, undoubtedly, were thrilled while other long-term employees left the company for various reasons related to the increase.
Experts say that money doesn’t matter as much to employees as job security. But, in this time of increasing wage gaps and continually rising prices, a heftier paycheck is one way to give employees a sense of security.
Of course, not every company can shell out raises for its employees, but there are other ways to keep employee morale on an even keel. Here’s a few from Velsoft’s talent management course:
- Additional time off
- Paid training
- Special projects and assignments
- Stock options and shares
- Job sharing and job shadowing
- Special parking space
- Employee of the month certificates for particular tasks
- Perks like gym benefits
- Health and dental benefits
- Parties and retreats
Costs to replace an employee who has left, for whatever reason, are high. Maybe it’s time to look at whether your employees are happy with their wages, and, if you can’t increase them, give them perks some other way.
After all, money isn’t everything.