5 Factors Employees Value More Than Salary This Year

March 17, 2022
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5 Factors Employees Value More Than Salary This Year
Jacquelyn Wong
March 17, 2022

An adage says, “Money isn’t everything; it’s the only thing.” Yet, in today’s workforce, we’re learning that’s not 100% accurate to employees. While salary is important, today’s professionals care about office culture, flexibility, and company values just as much, if not more. To hire and retain top talent, companies must offer more than only competitive pay; companies ought to prioritize work-life balance, flexibility, positive office culture, and more.

More Than Money

No one is going to argue that competitive salaries aren’t vital when hiring – because they are. That being said, throwing money at employees won’t always keep the top-tier talent around for long; employees want to feel involved and valued, too. Along those lines, here are some key factors that potential employees are seeking in the organizations they choose to work for:

1. Positive Office Culture

The number-one factor for predicting job satisfaction, according to Glassdoor, is an employee’s alignment with the culture and values of an organization. What’s more, this correlation holds true across every income level. To attract and retain the best employees and talent available, businesses must foster and encourage positive core values in an uplifting environment. Out of large companies (500 employees or more), Adobe ranked for the top company with the happiest employees in 2021, according to a report from Comparably. At a glance, the majority of Adobe employees reported being extremely happy due to how leadership, compensation, individual teams, and their overall environment were set up.

Approachable leadership falls into a subcategory of office culture. Leadership does not only refer to the top leaders within an organization but immediate supervisors and managers that oversee smaller teams, too. As the saying goes, “People don’t leave businesses; people leave people.” If an employee feels that they can’t discuss work issues, ideas, or future career plans, money most likely won’t be enough of a draw to keep them employed for long.

It starts with making sure an employee can feel safe and heard.

According to a Gallup report, 61% of millennial workers who feel they can talk to their managers about anything expect to still be working at their current job one year from now.

Approachability is a necessity. The president and general counsel of Labor Relations Institute Inc., Phillip Wilson, has seen and conducted research at his HR consulting firm regarding the matter. “Our research finds that this one factor alone is correlated to 89% of employee satisfaction, 88% of willingness to go above and beyond at work, and a 71% decrease in turnover intention,” Wilson says.

A man leading a team meeting in an industrial office

2. Growth and Challenge

Working in a stagnant environment with no path nor opportunity for advancement is one of the fastest ways to lose employees. In the report on “The State of American Jobs,” studies found that 71% of respondent employees said that development opportunities are the number-one factor when considering a new job. Employees want to grow and have autonomy in the workplace. Asynchronous collaboration can provide the freedom of schedule and location that employees crave and open up new opportunities for self-directed learning and personal advancement. By offering additional training or education to advance employees’ skills, a company can help them reach their potential, thus benefiting the organization itself.

One innovative benefit employers can offer is personalized coaching tailored to an employee's area of interest. TaskHuman is an app that makes this possible. Employees are given unlimited access to one-on-one coaching sessions on a wide variety of topics, ranging from healthy eating habits to leadership skills. With this kind of flexible and easy access to experts to guide them through challenging situations a company can equip their leader to serve fast paced teams and succeed.

3. Recognition

It’s human nature to want recognition for a job well done; it’s no different within the workplace. People want to be valued and appreciated for their efforts. Performance awards, work anniversary recognition, and rewards for surpassing goals are all excellent ways to keep employees happy within an organization.

A group of diverse employees smiling and collaborating in a flexible office space

4. Flexible Work Policy

A survey conducted by FlexJobs concluded that 84% of working parents found that work flexibility is the number-one priority in considering a job. Achieving a healthy work-life balance is pivotal. Based on another survey conducted by FlexJobs, flexible offices are happier offices. Whether that means a flexible work schedule or a mix of remote and in-person work, allowing employees to have more autonomy over their schedule and work environment is crucial to employee satisfaction.

Companies looking to provide a flexible work schedule, or those looking to implement both in-person and remote work environments, may want to consider desk booking software like OfficeTogether. Having the ability to work from home, in the office, or on a flexible work schedule will help companies attract and retain their top talent.

5. Office Perks

Additionally, other office perks or incentives also play a role in an employee’s employment decisions. Offering perks that will assist in a healthier work-life balance are beneficial. This can include perks like:

  • Competitive PTO
  • Gym memberships
  • Flexible work policy
  • On-site daycare
  • Remote work capabilities
  • Continuing education and training opportunities
  • Parental leave
  • Prioritizing their financial well being
  • Catered events in office
  • Team outings
  • Travel benefits 

In a competitive hiring market, it is paramount that companies look beyond the salary figures. Pay is crucial, but so is culture, growth, recognition, flexible work policies, and office perks.

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