Want to Know What Employees Value Most? Ask Them.

[Updated from a previous CB&D Blog “What Employees Value Most May Surprise You]. Across just about every industry, in a post-Covid world, I’ve found employees have never been more focused on how work affects their overall life and well-being. Over the years, I’ve had the opportunity to work with colleges and universities around the United States, facilitating workshops, speaking in classrooms, and interviewing students for internships and entry-level positions upon their graduation. I always enjoy connecting with the future workforce, because they’re often unaware of (or at least unencumbered by) the inevitable, sometimes harsh realities of adult life to come.

What’s Most Important to Employees?

One of my favorite questions to ask students, many of whom are working part-time, is “What’s most important to you in the workplace?- Students then choose from the following: Growth Potential; Work-Life Balance; Feeling Appreciated; Compensation; or Open Communication. While there is no correct answer, it may surprise you to learn that compensation rarely ranks as the number one, most important factor. Instead, my findings suggest an employee might actually prefer their manager show some appreciation even before you show them the money. And that’s consistent for younger students and older employees alike. In today’s work setting, more employees value how their job makes them feel rather than what their job helps them afford. As a result, employers have a greater responsibility to look inward at their HR-related practices, to consider how management engages with employees. Managers should ask themselves what can or should be done to improve team member engagement, boost satisfaction, and retention.

I’ve always admired the following quote from Richard Branson:

“Train people well enough so they can leave. Treat them well enough so they don’t want to.”

Wise words from a boss who’s reported worth is in the BILLLIONS! Essentially what Branson teaches us is to invest in our team members – offer continuing education and opportunities for growth within the organization. Consider employee’s health and wellness needs, and even their life ambitions outside of work.

It’s Not Just About the Money

Consistent with what I’ve found in the classroom, people want to feel valued, appreciated, and challenged. It’s not just about the money. All too often, those is decision making positions have the best intentions when trying to figure out what keeps their employees engaged and motivated. Why not ask them? Employees may take a pay cut to work at a great company, for a boss they respect, or in exchange for meaningful work and/or a healthy work-life balance.

Recent Studies

A recent HubSpot study suggests 69% of employees say they’d work harder if they were better appreciated. And if that’s not reason enough to rethink how employers treat their employees, according to a Zenefits study, up to 120,000 people quit their jobs every day, creating a costly, arduous process to identify and fill that position for employers.

So, perhaps employers should reconsider their priorities when it comes to employee satisfaction, since it’s really not all about compensation. Instead, it could be the little things, like remembering a birthday, or recognizing an individual for a job well done that goes a long way. A good company ensures its people have the proper training and support they need to do their job well. An even better company might go to great lengths to treat their employees with respect and ensure they know their value.

By the way, I have found students entering the workforce upon graduation, to be generally positive, optimistic, and eager to make their mark in the professional world of work. (Surely, you remember that feeling, don’t you?!). It is up to company leaders to ensure that this optimism is maximized. Ask for input from employees. They’ll let you know what’s most important to them in the workplace.