♫ Money can ’ t buy me love ♫
So sang John Lennon . But can money buy you happiness ? When it comes to the workplace I ’ ve been having lots of conversations with clients about money recently . That ’ s because , with the latest inflation figures coming in at 5 % and hot on the heels of the so called , “ great resignation ,” organisations are worried about rewarding and retaining their staff . It costs a lot to recruit , train and retain people so it makes sense for companies to consider rates of pay , benefits and working conditions carefully .
The short answer is yes . So far , so what ?! Of course earning more money makes you happier I hear you cry . And that ’ s true - it also protects people from things which might make them unhappier , e . g . a divorce . Add to that the moral perspective of paying your staff what they ’ re worth and you could come to the conclusion that , as long as you pay people fairly they will perform . If only it were that simple . Money contributes to happiness when it helps us meet basic needs but the research tells us that above a certain level more money doesn ’ t actually yield more happiness .
Insights from , The Happiness Indicator , show that aside from the pure financials , these factors are also important :
• Feeling valued as an individual
• Doing a job that you enjoy
• Work-life balance
• Trust in the people you work with
So what can you as an Employer , do about that ? Here are some top tips to help you come up with a priority list for 2022 :
• Tailored and flexible programmes designed to reward and recognise employees at all levels
• Reward initiatives needn ’ t be expensive - start small and ensure the message is authentic and tailored to the individual
• Initiatives such as improving communication play a critical role in developing an open , transparent and accountable culture
• Implementing a flexible working approach is an effective way to demonstrate trust . This ranges from working at home days and flexi-time to more straightforward practices such as stopping the interruptions that disrupt our natural flow of work – we ’ ve all had to learn this quickly during the past 2 years of remote working !
• Personal relationships are key along with teamwork and inter-departmental integration to ensure there is greater collaboration
• Career development - demonstrate how employees can grow within the organisation and help the business succeed – document and revisit this in regular review sessions
• Give employees some discretion over their development path - people are more likely to be motivated when pursuing self-determined goals
If that list has you scratching your head - I ’ m here to help . If you ’ d like support with any of these initiatives , particularly if you ’ re struggling to prioritise where to start and what your focus should be for the year ahead , do get in touch .
Wishing all the Boxmoor Direct readers a very Happy New Year !
Ruth George - HR Consultant ruth @ ruthgeorge . com ; 07899 920075 This is not legal advice and is provided for general information only . © Ruth George HR Consulting .
< www . boxmoordirect . co . uk < 21