Salaries are like charges for phones when it comes to jobs. We’re talking about dead weights if we don’t have them. People used to be able to buy things in return for chicken and goat, but it’s hard to fathom how many people would trade for the latest iPhone 7. Perhaps two hens, a goat, and half of your soul for allowance in salary.
Our daily ritual of willing, and sometimes unwilling, obedience to our overlord bosses is motivated by our income. We look forward to the time of year when our bonuses arrive, our performance reports result in a raise, and we can finally put a down payment on a house, a car, an Xbox, or take the family to the beach.
So there’s no denying that pay and benefits are critical in keeping an employee’s smile on their face. Workers have nearly always sung a joyful tune when they are paid well and have a lot of advantages. However, as rational as the issue of compensation and its sufficiency may appear, the fact remains that this is not all that is required to meet one’s job satisfaction criteria. Money may bring that smile on the first of each month, but it isn’t what keeps it there!
This is something that firms should be well aware of. Companies lose a little of their pocket weight every time an unhappy employee walks out the front door. It entails the costs of employing a new employee, training and bringing him up to speed, transitioning him from basic training to full-fledged learning and development, and finally, the cost of fitting him into the previous Cinderella’s shoes. According to a LinkedIn study, a single employee’s departure might cost the organization 1.5-2X his yearly compensation to start over.
Is a high income sufficient to make work satisfying?
In 2017, research by Glassdoor based on employee reviews ranked organizations in the top n list of most desired places to work. Bain & Company, Facebook, Google, and LinkedIn were among the top ten best employers, receiving nearly five-star evaluations.
The scores were calculated using a five-category system of company evaluations.
- Its values and culture
- Employees’ work-life balance is essential to the company.
- It features a variety of employment options and growth areas for its employees.
- It has the type of Senior Management and Leaders that it does.
- Finally, there’s the compensation and advantages it has to give.
In Glassdoor’s survey, the pie chart below displays the relationships of different factors with overall ratings for the top 10 best companies. What is evident is that the Comp and Benefits slice is not alone in carrying the flag of employee happiness. The ultimate determinant is the sum of all good practices that work together to create a climate of trust, development, respect, and acknowledgment of employees as important assets.
Obviously, big incomes do not equal happiness. Of course, the content of a luxurious existence cannot be denied. However, if you want to feel happy all of the time, you’ll need to find more things to like about your job than the pay package and calculate in hand salary.