Leadership Tip: Perks & Money Alone Won’t Retain Workers

Leadership Tip: Perks & Money Alone Won’t Retain Workers

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The common thought among CEOs and bosses is that workers are motivated solely by job perks and getting a paycheck. But in an era where 70% of workers are unhappy and disengaged, this notion is the farthest from the truth.

When it comes to leadership, there can be a fine line between balancing results with morale, and oftentimes, management professionals can make the mistake of laying down the you-are-lucky-to-have-a-job iron fist when it comes to motivating their teams.

Inc. contributor Les McKeown offers several key elements of good leadership and management that truly facilitate loyalty and retention at your company. He writes:

If resource-rich employers like Wynn Resorts and Berkshire Hathaway Inc. (No. 6 and No. 18 on the list of companies with the least loyal employees) can’t build loyalty in their workforce, what chance does the average, resource-constrained, small- and medium-sized business have?

Well, the truth is, quite a lot. …

Despite the fact that most small business founder/owners feel that they are in a David and Goliath-like battle for talent with mega-employers, the reality is that great employees are all looking for an environment that any business, large or small can provide.

The CEO of Predictable Success, a business-growth consultancy, says there are four things awesome professionals look for in a great place to work—beyond the perks and salary—that will ensure they remain long-term assets to a company. These include open, simple and self-evident communication; consistency in interactions with peers and team members; opportunity to shine at what they do best; and nontoxic management.

These four things, along with, of course, a competitive wage and affordable health benefits, make for an environment where turnaround isn’t high but worker loyalty is.

Want more insights on how to be a better manager or leader at your company? Check out our Career leadership content.