Money (alone) can’t buy workplace happiness.
While receiving a fair salary is high on the list of priorities for Barbadian job seekers, money alone can’t buy employees’ happiness, loyalty or commitment. This appears to be the view of many Barbadians who participated in a recent survey that was carried out to uncover the views of employees on a range of brand-related topics, including organizational culture, employer branding, job hunting and internal communications.
When asked “What is the most important factor you look for in a potential employer when job hunting?”, nearly a third of individuals (30.4%) who participated in the survey indicated that salary was their most important factor. An additional 12.2% indicated that benefits and perks were their most important factor when job hunting. Combined, these two financial considerations account for 42.6% of responses.
However, as the results of the survey show, financial considerations aren’t the only factors on employees’ minds. In fact, most employees would leave their current jobs for reasons other than financial considerations. When asked whether they would leave their current job for the same salary if their new employer had better opportunities for career advancement, 86.8% responded “Yes”. And when asked whether they would leave their current job for the same salary if their new employer had better training opportunities, 73.6% responded in the affirmative.
These two factors (“career advancement” and “training opportunities”) were so important that some respondents indicated that they would be willing to leave their current jobs even if they would be earning less at their new employer. 53.1% would switch jobs for a lower salary if they could access better opportunities for career advancement, while 40.2 % would be willing to accept a lower salary if they could access better training opportunities.
As the results of the survey indicate, employers who focus exclusively on remuneration packages to attract and retain potential employees run the risk of alienating individuals who are also motivated by factors other than the size of their paychecks. Companies that offer their employees a good salary, as well as opportunities to improve their skillsets and advance professionally, stand a better chance of attracting and retaining top talent. These companies will ultimately benefit from the hard work, enthusiasm, ideas and commitment from employees who show up to work for more than just a paycheck.
The results of the survey have been documented in a report entitled “The Employee View of the Employer Brand” which has been published by Antilles Economics, an insights consulting firm, and Blueprint Creative, one of Barbados’ leading branding agencies. According to the firms behind the project, the results of the research project will be used to help employees and employers better understand each other’s needs and expectations.
Stacia Howard, Managing Director of Antilles Economics, the company that took the lead in analyzing the survey’s data, said that she believes research projects like this one provide valuable information that entrepreneurs, business owners and management teams can use to guide their decision-making process.
“One of the biggest motivators for Antilles Economics to spearhead this project was the opportunity to uncover insights that could be used to help senior leaders make data-driven decisions that can help improve their business operations,” she said.
She noted that the results of the survey showed that money was clearly not the only motivator for Barbadian employees and encouraged decision makers to dialogue with their employees and build an accurate snapshot of their needs and expectations outside of salary considerations.