We spend approximately 30 percent of our life working. The question is, why? Do you view work as more than a paycheck?
Some folks view work as nothing more than a means to a paycheck — to make a quick buck. Others view work as a livelihood; they need it to support themselves, and in some cases, a family. Other people are career-minded; they have big plans and are committed to achieving their dreams. Last, some folks crave meaning and purpose in life; they want to make a difference and serve a cause greater than themselves.
Long story short, depending on a person’s short-term goals and long-term aspirations, money isn’t always the primary factor motivating them at work. While that may seem obvious, some things that excite people the most do not always receive the proper attention they deserve.
Does a Paycheck Turn Employees On?
If someone works part-time to put food on the table, it doesn’t take a brain surgeon to realize that money’s a significant motivating driver. But if employers primarily use money, instead of challenging and meaningful work, to incentivize a career-minded individual, their efforts may fall flat. These employees want more than a paycheck because they’re taking a long-term view. In fact, a career-minded individual may be willing to forfeit money for a challenging work environment, an opportunity to learn, and the potential for advancement. The way they see it, they’re investing in their future. In addition, those who seek meaning in a job may view purposeful living highest on their priority list. To them, making a difference is their greatest reward.
Money is only one form of compensation.
Think Win-Win
Employers and employees must enter into a mutually beneficial relationship rather than a one-sided arrangement. Here are nine ways to put those words into practice:
For the employee:
Can you be bought? If the only thing keeping you at your job is money, you may be selling yourself short. If you’re not growing personally and professionally, you’ll ultimately pay the price.
Invest in yourself. Everything you learn is money in the bank — you’ll be able to leverage that knowledge for years to come.
Take one step back to move forward. One day, in order to assume a new role, you may be asked to take a pay cut. While that may seem unreasonable, you’re trading money for valuable knowledge and experience.
For the employer:
The free market has an invisible hand. If you don’t take care of your customers, they’ll switch to your competitor. By the same token, if you don’t take care of your employees, they’ll leave for greener pastures.
One size doesn’t fit all. Don’t assume that everyone has the same needs. While you may be motivated by your paycheck, others may be driven by challenging and meaningful work.
Stand for something. Companies have a responsibility to make a positive difference in the world. Having said that, doing good also helps attract good employees. While the bottom line is important, profits aren’t everything. That’s the bottom line.
Do more. Say less. Some companies put on a show to appear to be a good corporate citizen. Most people, including employees, can see right through insincerity. That damages trust and credibility. Do things for the right reasons and the money will follow.
Give — without being asked. Some folks want to “force” companies to serve the greater good. I disagree. If giving is made a requirement rather than a voluntary choice, employers and their employees would be robbed of the satisfaction that comes from making a difference.
We can all profit from the experience of not-for-profits. Why are not-for-profit employees willing to work for less pay? Part of their compensation is knowing they’re a making a difference.
Money Talks. Or Does It?
Employees want to work for an organization that they can feel proud of — one that expects a lot from its people and holds everyone to that same high standard. They want to work for an organization that provides challenging and meaningful work; one where policies, procedures, and paperwork are never more important than results; one that rewards its people based on performance rather than an arbitrary metric; and one where winning is never at someone’s expense.
Employees want to work for an organization that has values and viewpoints compatible with their own; an organization that cares about morals and ethics, and one in which doing what’s right is as important as the bottom line. Employees want to work for an organization that does what’s in the best interests of its customers, the community, and the world at large, not because it’ll enhance the firm’s reputation or lead to new business, but because it’s the right thing to do.
Employees recognize that if they spend 30 percent of their life working, they should spend it wisely. Money is something, but it’s not everything.
Do You View Work as More Than a Paycheck?
Please leave a comment and tell us what you think or share it with someone who can benefit from the information.
Additional Reading:
Why Work If You Don’t Have to?
Living Life With a Purpose
Hard Work Is Good for Your Soul
Prosperity Isn’t About Money
Do You Have a Strong Work Ethic?
8 Reasons Why Money’s Not Worth What You Think
Counterfeit Leadership
If you like this article, subscribe to our blog so that you don’t miss a single post. Get future posts by RSS feed, email or Facebook. It’s FREE.
Since most of my working life was in, with and for non-profit organizations, paychecks were not a big motivation. It’s true that most people worked in those groups because they believed in similar values or shared the mission and vision or had decided early on they would commit to something other than money. That is not to say that adequate compensation was ignored because I worked hard to raise extra funds to support employees whether in professional development or in special grants and gifts to recognize their achievements, We also looked hard at non-taxable benefits in order to give employees a break wherever we could.
When I worked for awhile for a privately held corporation, the motivation was dominated by numbers – percentage of market share, bonuses, month to month and annual comparisons, growth. annual revenue, and no profit sharing. The company was recognized as a leader in its field, did some good work and had a team of qualified, professional employees. However, I often found myself in conflict with certain internal practices and was glad to leave it behind and move on.
Thanks for sharing, Gary. It sound like you had a very exciting career. You prove the point that money is only one form of compensation.
Thanks for taking the time to write.
Best,
Frank
Hi Frank, I left my day job over 3 years ago and never looked back. I could not stand the useless reports I had to do and decided to start my own small business. Now the only reports I do are the ones necessary to maintain and grow my business 🙂
I do work more hours but on my own time. The pay may be less but the time is precious and I can pick when and where to work from which is priceless. I also love helping people manage their social media and saving them time while increasing their businesses.
A paycheck is not the end all!
Good for you, Lisa.
Just think what businesses could gain by capturing your enthusiasm. They spend tons of time looking for ways to boost growth, when the answer lies right in front of their nose.
Thanks for taking the time to write.
Best,
Frank
As usual, great article Frank! I have yet to read one of your articles that hasn’t provided business insight, but more importantly it’s your wisdom about the human side of business that in my opinion, is extremely valuable. Your topics, as well as the questions you pose trigger the reader to do “critical thinking” about their decisions and actions. Making choices inherently has consequences — both good and bad. Critical thinking about your choices will help assess the risks involved in decision making whether it is personal or business decisions. The ones I can relate to on your list are some of my best as well as hardest lessons learned. I wish there were more people around like you Frank when I started my career. It would have made building a career less stressful and more rewarding.
Can you be bought? There are times in a person’s career when money is the motivator due to unexpected financial circumstances or moving to a new city after graduating from college for a job. This decision should be obvious — take the job, do your best and learn as much as you can. After 2-3 years, you are doing very well, you have learned a lot and you are well respected by your colleagues and your manager. One day your manager offers you an international assignment. It is a promotion, an increase in salary, the assignment is for at least two years in Paris, and you will have a position when you return. Or you can stay in your current position and work with your team. Sounds like a great opportunity — who wouldn’t want to live in Paris with the opportunity to travel to key European cities over a long weekend.
How do you asses the opportunity? Is this a no-brainer? Or do you do some critical thinking and consider the possible challenges of a two-year commitment in a foreign country such as: if you have children of school age, do you tear them away from their friends; can your spouse deal with living in a foreign country with deep cultural differences; are they comfortable learning a foreign language; there is a six hour time difference between Paris and New York and a nine hour difference between Paris and Silicon Valley, is that going to be a major challenge? Can you be bought — will you take the position and the experience, or will you stay in your comfort zone? This is a tough decision which I faced when I was offered the position.
After assessing the challenges and the opportunities afforded by the promotion, I invested in myself and accepted the position because at the end of the day, it was a fantastic learning opportunity. I never looked back on my decision, and it has paid off handsomely over the years. Frank was wise beyond his years: everything you learn is money in the bank — you’ll be able to leverage that knowledge for years to come.
Your point is well taken, John.
You didn’t decide if the job was right for you based solely on money. You evaluated the learning potential, impact on your family, and the challenge that a nine hour time difference might have. The key is that you took the long-term view. Bravo!
Thanks for taking the time to write.
Best,
Frank