Money. Money. Money. It means different things to different people. Some of us value it more than others. Some have more, some have less. Some of us are hungry for it (the sports car, expensive clothes). For others, it’s necessity (the student loan, a growing family to support).
Whichever camp you’re in, the @BBCNews item today on wage growth will leave most of us feeling shortchanged. “Pay growth is stuck in the slow lane” with most of us “unlikely to see much of a boost to their pay” - at least until the end of the decade.
So…pay increases are slowing or being frozen. What can employers and employees do to adapt until the situation thaws…..?
Employers: Health insurance schemes - Ten-a-penny…. Free eye test - Get outta my way!!!
Job seekers have long searched out employers who understand the gravitational force of employee benefits. However, with belts tightened, pennies hoarded and salaries frozen, employers need to stop banking on traditional employee benefits and start investing in new, exciting and innovative non-financial rewards to recruit and retain staff. Employee motivation and employee reward aren’t mutually exclusive, and the former can shape the latter. And this, in part, can help address the void created by sluggish wage growth, as well as engaging staff and maintaining productivity.
Job hunters and existing employees: Likewise, in times like these, organisations need assurances that new recruits derive satisfaction not only from the financial rewards offered...
Demonstrate that you are this person: A CV should, as standard, contain a ’personal interests’ section. But nothing says “we’re on the same team” quite like personal interests aligned to organisational interests, benefits or values.
To illustrate: I’m a keen cyclist. An organisation I am applying to offers a cycle to work scheme. I add cycling to the personal interests section of my CV. The organisation identifies me as a candidate who will be happy with, and motivated by, some of their employee benefits. Another applicant lists bungee jumping and skydiving as their personal interests, but the company doesn’t do that. Whose interests are a closer match?
During a job interview, candidates should display an awareness of existing employee benefits, but they can demonstrate a deeper interest with a question: “How does the organisation anticipate its non financial rewards developing or diversifying in the future?”
And existing employees should put their tuppence in. HR departments are always more than happy to receive ideas and feedback on how working life can be improved - so if you have a suggestion to improve employee benefits, be vocal!
Cash in the bank is important, but it’s not the only way that employees feel rewarded.