Less Compensation for More Satisfaction

Workforce Management recently posted stats from Monster Worldwide (an online job search and resume site) on workers willing to forgo pay increase in favor of landing their dream job. Worldwide, 76% of employees said they would give up a pay raise for a dream job. The results were even higher in the U.S., Switzerland and Italy where 82% would forgo a raise. But Ireland reported the highest with 84%.

Clearly, employees are placing far greater emphasis on workplace satisfaction than compensation. Many factors play a role in employee satisfaction, but receiving recognition for performance and knowing the individual job contributes to overall company success are both key contributors.

Strategic recognition programs accomplish both by tying recognition to company goals and values. That way employees are recognized and rewarded for behaviors and actions that align with company values, advance the company’s mission, and contribute to strategic success.