Thinking Play-Packets, Not Pay-Packets
While the way we work is evolving, each individual is shifting towards new values in their own careers. Employees are now looking for something extra from their jobs; it’s not enough to offer up a high salary, there needs to be something that sets you apart from your competitors.
As an organisation which is known all over the world, Google could easily be a desirable place to work based purely on the salary and the opportunity to work at such a prestigious company. As it stands, after topping Glassdoor’s list of the ’50 Best Places to Work’ in 2014 and consistently maintaining a high ranking in the time since Google has made a name for itself with an innovative vision and a long list of employee perks. Not every organisation is in a position to reach Google’s high standards of culture, so why is it important to create a great work environment?
Attracting New Talent
In ‘The New World of Work’, recruitment processes are being turned on their heads. Traditionally, potential employees needed to make themselves more desirable for the employers to handpick them but in the future, data and analysis tools will become more efficient and frequently used. As a result, individuals will be matched with organisations and there is more opportunity for the potential employee to handpick the organisation, rather than the other way around.
As the values of workers shift from the size of their salary to the amount of flexibility and freedom they’ll receive, employers need to shift their own visions and create new ways of paying, engaging and rewarding the talent that shows up, so that there is no risk of losing the talent to competitors.
Hanging on to Talent
If creating an environment where success is defined by more than just a high salary and important when attracting new talent, it is paramount when it comes to holding on to the talented employees you already have.
As more employees are worried about their stress levels, freedom and flexibility, more CEO’s are placing their greatest focus on creating a positive, desirable workplace culture and behaviour. With employees now focusing on creating their own ‘brand-self’ to ensure their security in the fast-paced world of work, focusing on this culture is crucial to engage your current employees and foster loyalty.
What does a great place to work look like?
- A clear vision of the future
- Strong community
- High performance expected and encouraged
- Decisions made based on values
- Strong personal development
In the future, there’ll be fewer organisations focused on turning the crank to produce results and more organisations looking like Google. The five points above fail to mention the ‘smart-perks’ which Google has become known for because perks aren’t what drives these new flexible, productive work environments. Google might be in a position to offer massages, gourmet cafeteria food and on-site doctors but even organisations without the global capacity of Google have begun to implement the points above.
While money may not buy happiness, it sure is nice to have! Maslow’s hierarchy of needs puts security as a key base in an individual’s pyramid, including financial security. A great place to work still needs to offer an attractive remuneration package. In The New World of Work, effective salary management can mean that each employee can achieve their own personal goals and expectations.
It’s all the perks of being self-employed, but with the reliability and comfort of consistent employment with sick leave, holiday pay and insurance. The good news is that handing over salary management to a team like Pendragon can mean organisations have more time to focus on improving or creating a positive workplace culture and behaviour – the two things that the Millennial generation value so highly. By focusing on these two aspects of the working world, you can become known as a desirable place to work, fostering loyalty by default, and still put more into someone’s ‘play-packet’!
To know more about Pendragon’s contractor management service, please don’t hesitate to contact us… Alternatively, if you would like to read more about how the new world of work is focusing on creating work environments that foster employee engagement and loyalty, download Pendragon’s eBook: ‘The New World of Work’.