MONEY MATTERS -- Money Never Made a Man Happy

MONEY MATTERS

‘Money never made a man happy. The more the man has, the more he wants. Instead of filling a vacuum, it creates one;

Money cannot buy happiness, but it can buy you the kind of misery you prefer’.

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There are plenty of views and theories about money. Yet, it is money that helps people to pay their house rent, for their children’s education, utility bills, travel, medicines and other basic needs. The importance of money for each individual can vary from status in society, culture, place of living etc. however, with the rising cost of living, money has become a necessity and people, therefore, work to earn that money.

It is a known fact that employees tend to perform better when they are appreciated with a good annual increment, bonus or incentive. However, employers have a tendency to take most of their experienced staff for granted and pay them less. A pat on the back, an official recognition, a fancy designation may help in some way, but most people expect a hike in their salary or a decent bounce as recognition of their service. This monetary expectation is mostly anticipated on a continuous basis as it encourages employees to continue giving their services. This monetary expectation is mostly anticipated on a continuous basis as it encourages employees to give there best performance.

On the other hand, unhappy employees, who are unable to fulfil their basic needs due to monetary constraints, begin to display frustration at the workplace; their energy; passion, concentration level and love for work takes a beating, thereby affecting their performance. Some of them even begin to look around for better opportunities.

Employers wake up only when a critical member of the team threatens to quit, instantly, there is a flurry of action seen, attempts are made to retain the employee by offering a reworked pay package, special allowances, restructured profile and so on. Managers realize that it is better to retain talent rather than hire someone new and train the new employee from scratch. The disgruntled employee would have travelled some distance with his plans to move on and influencing him to stay back hence becomes a challenge.

It is necessary to be aware of employees’ needs because they are ones who keep you in business. It is difficult as an employer to keep you in business. It is difficult as an employer to keep the balance going, but you have on other choices. Put a system in place and conduct periodic performance reviews, hand over an incentive wherever possible and create a variable component in pay structure, if possible, to keep employees motivated.

Keep talking to your people to understand their growing needs and necessities. Don’t forget that with every passing year your people are getting better and more employable. So, either you retain them or be ready to lose them.

DISCLAIMER

Employees need to be in a job they love, they must be good performers and you must have an award and recognition system in place, but do not ignore the money components. Stay one step ahead of your employees and surprise them with your thoughtfulness. Reward them before they ask for it. That way you will keep your employees happy, satisfied and productive.

Author

Rahul Kapoor