Good pay is not the bottom line these days
November 12th, 2007Good pay is not the bottom line these days
by Nido Quebin
If you had to guess, which factor do you think your employees most value: Good pay? Job security? Lots of holidays? You might be surprised at the reality. Good pay is important, but today’s employees are looking beyond their paychecks to the things that make work more emotionally rewarding.
A few years back, George A. Kovach, a professor of management at George Mason University in Virginia, analyzed 40 years of surveys that looked at the attitudes of employees and supervisors toward the things that motivate them.
Supervisors who were surveyed thought their employees found more motivation in good wages and job security. But the employees themselves regularly ranked good wages fifth.
Things such as interesting work, full appreciation for a job well done and being in on things ranked higher. Employees were turned off by the “management knows best” philosophy that placed little value on the knowledge and expertise of the people on the line.
They expected discipline, but they expected it to be administered with tact and consideration for human dignity. Money was important, but it was not all-important. What was going on? Abraham Maslow gained fame by listing in pyramid form the things that motivate people to work.
At the bottom of the pyramid are physiological needs — the bare basics of food, clothing and shelter. Next comes safety. Once those basic needs have been satisfied, people begin looking for higher forms of fulfillment.
They want the satisfaction of knowing that they were an accepted part of a social group. Having achieved this social acceptance, they look for ego satisfaction — the elevating of their self esteem. Kovach’s studies showed that by the 1980s, Americans were moving into the upper levels of Maslow’s pyramid.
They expected adequate pay, but they also were looking toward the things that provide emotional and spiritual satisfaction — things that allow them to be all they can become. This doesn’t mean that executives can ignore pay levels for their employees. Good pay doesn’t necessarily make employees happy, but poor pay certainly will make them unhappy.
But once adequate pay has been provided, other factors rise in priority. Employees want to feel that they are part of the organization and that the company values their views.
They want recognition for their accomplishments, and they want to see opportunity for advancement. Corporate leaders can satisfy the higher needs of their employees by providing them with interesting and challenging work, showing appreciation for their work in tangible and intangible ways, and keeping them informed about the things that affect their jobs.
Nido Qubein is president of High Point University. He is an internationally known speaker, consultant and author. He can be reached at nqubein@highpoint.edu or by visiting www.nidoqubein.com.
Reprinted with permission.