A friend had demanded a pay increase from his boss and got it. He felt excited to get the money until he realized it put him in a new tax bracket. So now, he’s looking for a different motivator to continue doing a job he doesn’t even enjoy.
Everyone wants to make more money. They believe it’ll motivate them to like their jobs! The truth is, if they are in the wrong position due to poor job fit, it won’t matter what you’re paying them. They’ll still experience job dissatisfaction. Therefore, employers must become innovative and create new ways to compensate their employees, along with fair wages.
The BIG question is, “How can I compensate and motivate employees to attract and keep them?”
9 Ways to Compensate and Retain Employees to Improve Job Satisfaction
Job Fit. Yes, I know, I mention this a lot. But the fact is, studies show that when people fit their work, they thrive. They are less likely to focus on money to offset job dissatisfaction. Use a strategic selection process and qualified job fit assessments to improve your selection decisions for new hires, rehires, and job transfers and promotions.
Ask. Ask, “What do you really really really want?” It’s the best place to start. You may be surprised that their requests are not about increasing their paychecks! (Unless you’re paying below industry standards.) If you do this, you’ll be surprised by what you learn.
Benefit Options. Provide spending dollars and options for additional vacation, childcare, personal time off, working remotely, and fun activities.
Perks and Gift Cards. Provide prizes for different challenges. Remember, some will enjoy group prizes, while others value individual recognition.
Education with Accredited Schools. Many are looking for education reimbursement or the company paying for tuition and books up front. This allows your employees to grow.
Company Workshops. Provide 1:1 training and development programs, both online and in-person. These should include technical, leadership, and soft skills training. Provide a certificate of completion and have it noted in their HR record.
Other Learning Opportunities. Partner with local experts to provide personal courses: money and financial management, how to buy your first home, Medicare options, and how to brag. These courses should include certificates of completion.
Provide Expanded Opportunities: Interdepartmental Teams, Association or Trade Boards, or Community Outreach Programs or Boards. These opportunities provide growth and development and are highly favored among many employees. They provide invaluable ways to develop and gain leadership skills and confidence in using them. Be sure they have a mentor to work through the sticky situations and political relationships in these groups.
Train to Be Coaches. Offer experienced employees the opportunity to coach newer employees. Provide a well-designed training program and certificate for these new coaches. The selling point is that these are invaluable skills to learn and develop and can be used on the job, at home, or in community activities.
©Jeannette Seibly 2022 All Rights Reserved
Jeannette Seibly is The Leadership Results Coach. She’s celebrating 30 years as an award-winning international executive consultant, speaker, and coach. Her clients value the listening and positive difference she brings to any conversation. Feel stuck in a sticky situation or in challenging relationships? Want straightforward counsel to blast through it? Contact Jeannette for a confidential discussion. PS: She’s also a three-time Amazon Best-Selling Author!
A note from Jeannette about different ways to compensate and retain employees: Many employees today want more money. But they fail to realize that money is not a motivator. However, other perks, benefits, and opportunities can be. Not sure where to begin? Contact me for a confidential conversation.
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