It’s true: people work for money. Even people who love what they do and are willing to work for free won’t do it without a salary. The corporate world has always been perceived as a ladder with people climbing looking at the “carrot” or more money as incentive. However, there is a new generation of employees now filling up the workforce called the millenials. According to a growing body of studies, this generation is not just in cubicles for their paycheck. They are indeed looking for something more.
But with an equally growing evidence of more mature working generation’s working motivations, there is a higher demand for work and life balance, something that goes against the very nature of providing more money as it equates to more responsibilities.
What is an employer to do? Here are some ways to make a winning team that’s on the ball even without the pay increase:
1. Instead of a ladder, create a jungle.
Sheryl Sandberg, Facebook’s famous COO and author of Lean In said it best: think of one’s career and the rise to the top as a jungle, not a ladder. In it she explains that going sideways or learning laterally is the way to go, with different departments and different managers contributing to one’s capabilities.
One sure way to achieve this is by having a great mentorship program wherein managers are transformed into leaders, providing key insights to mentees when it comes to the industry. It’s true, not all employees will stay even after being mentored, but the act itself shows the employees how invested the company is in their growth.
2. Make them do personal projects—on company time.
Google is famous for their innovative nature, but innovation rarely happens during the throes of work, which is why employees there always have personal projects that they work on during company time.
For employees who have kids or who commute, money is not the problem—time is, so providing at least three hours from their 40-hour work week to work on personal projects is giving them ample time to rest and yet be productive at the same time, something that the company in the end will benefit from anyway.
3. Offer telecommuting as an option if possible.
Family first is a message every company espouses or at least they think they do. But like most mantras, this is easier said than done with a ton of deliverables on a person’s head. Telecommuting is a way to bridge the gap. This can be offered to employees who are parents to kids at least 10 years old and below for starters.
The great thing about telecommuting is that employees feel that their company values their families and at the same time trusts them to get the job done.
4. Have a cause.
Most employees spend most of their lives on the job, no doubt about it. And it is truly something that no salary can pay for. Having a solid CSR program then gives the employees the chance to work for something greater than themselves and makes all the hours worth it.
No matter what, a company’s vision to make a difference counts to attract and maintain employees who are determined to make it happen without the need for adding zeroes to their salaries.