Ann Bares is the Managing Partner of the Altura Consulting Group and an expert in Comp. & Ben. I am glad to see that her blog Compensation Force is now a featured blog at Workforce Management.
In a recent post she write that more than half of the over 7000 of the employees surveyed by Salary.com say that they plan to look for a new job in the next three months.
The reasons for considering leaving their current position were:
- Inadequate compensation (27 % )
- Lack of career advancement (19 % )
- Insufficient recognition (17 % )
- Boredom (11 % )
- No professional development ( 11% )
I was interested to see that apart from compensation, all the other factors reported were non-monetary in nature. I maintain that compensation should be market competitive and as Ann explains well explained and marketed to the workforce.
However, factors other than compensation have a major role in building employee engagement. Compensation may keep the person on the job. Compensation alone will not get the best out of the person.
We as entrepreneurs or managers have a major role to play :
- in developing employees as professionals and as people
- in making their work interesting and challenging
- in showing them we care for their contributions and accomplishments by recognizing them
- in getting them to share their knowledge and skills with others
- in instilling in them a high sense of self-worth
I do not decry the importance of compensation but am convinced that it is but the first – and not the last step- in eliciting top performance from your workforce.
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This is the 129 th of the “A Step A Day” series : To provide perspective and provoke thought to facilitate self-development across a wide spectrum of issues- big and small- crucial for executive success