Money Isn’t the Problem: Three Better Ways to Attract Talent
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Money Isn’t the Problem: Three Better Ways to Attract Talent

Uncategorized Dec 10, 2019

Money Isn’t the Problem: Three Better Ways to Attract Talent 

The following is adapted from The Problem Isn’t Their Paycheck.

 

A company is only as good as its employees. If you want your business to succeed, it starts with a talented team of employees. 

For small business owners, though, hiring can be a challenge. A lot of business owners feel like they can’t hire the best people because they can’t pay the same salaries that their bigger competitors can. How are you supposed to compete when you can’t afford generous compensation packages?

Fortunately, in article after article after article, studies show that, of the top things the best talent is looking for, compensation is toward the bottom of the list—if it even makes it onto the list at all.

In this article, by looking at why people want money in the first place, we will uncover three deeper motivations for employees. By focusing on these three new motivators, you can begin hiring the best people, even if you can’t offer the best salary. 

Why Do People Want Money?

When you break down money motivation, you can get to the real motivator. Ultimately, money matters only because of what it can buy. 

If an employee says, “I want more money so I can go on vacation,” what does that actually mean? They want more money so they can have more freedom

If they say, “I want more money so I can drive a nice car, have a big house, and be seen as successful,” what are they really saying? They want affirmation.

What if they say, “I want more money so I can provide more for my family and donate to this charitable cause”? They want purpose.

What looks like money motivation typically points back to one of three primary motivators: freedom, affirmation, and purpose. 

Freedom

When people feel like they don’t have freedom, or if they believe that their employer takes away their freedom rather than helping them gain more freedom in life, they are going to feel trapped. They will dread coming to work, and eventually, they’ll quit. Feeling trapped is simply unendurable over the long term. 

Plus, nobody works well when they feel trapped. It limits productivity. Employees are not going to bring in their best ideas or work efficiently if their job feels like a prison. 

Finally, tracking your employees—as traditional management says to do—requires more time, energy, and effort from you as their manager, which takes away your freedom too. Trusting your team to work as adults, however, makes things easier for everyone.

In a workplace of freedom, employees are happier, have the autonomy to work in the most productive way, and require less time and energy from you.

Affirmation

Employees need affirmation—support and encouragement that they are doing things the way they’re supposed to. 

Lack of affirmation prevents employees from taking your desired actions, because they don’t know if what they’re doing is right. It also limits growth. Employees can’t grow in their abilities or become masters of their craft unless they are affirmed that they’re going in the right direction—which helps your business as a whole grow as well.

Ultimately, affirmation builds confidence and leads to professional development, which are both key to employee job satisfaction.

Purpose

Over 50 percent of currently employed people are looking for a new job—not because money is a problem, but because they don’t feel like they’re doing work that matters.

Study after study shows that students graduating with not just bachelor’s degrees but master’s degrees and even doctorates are willing to take a significant pay cut in order to work for a company where they feel they get to do meaningful work or where they are part of a team pursuing something that matters together.

By having a clearly defined purpose in your company, you can attract the best talent and ensure that they are not just happy but fulfilled by their work.

You Don’t Need Money

Often, running a small business can make you feel like you’re David competing against Goliath. Bigger companies may have more money, but this is an instance where throwing money at the problem is not the solution. 

Freedom, affirmation, and purpose—not money—are the key to hiring good employees. This is great news, because as a small business, you are perfectly positioned, even more so than your larger competitors, to provide just that.

For more advice on how to attract and motivate employees, you can find The Problem Isn’t Their Paycheck on Amazon.

 

Grant Botma is the founder of Stewardship and the leader of its nationally ranked team of top producers. Thanks to a thriving company culture, Grant’s team has won numerous awards, including national performance rankings like “Top 1%” and “Top 100.” Grant’s leadership has also grown Stewardship to be an Inc. 5000 Fastest Growing Company In America. He lives in Arizona with his wife, Jodie and their three children, Cambria, Parker, and Ellenie. To learn more about Stewardship, visit moneywellrooted.com.

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