Great Culture--Not High Pay--Leads to Happy Customers and Higher Profits

We oftentimes focus our compensation strategy only on the competitive pay portion when recruiting and retaining the best employees. We all react to what our competitors are paying or how much recruiters feel is needed to attract the right talent for open positions that must be filled to meet corporate objectives and goals. But that point of view can be quite short-sighted since it does not create employee engagement and does not help with employee retention when an organization has a broken culture.

When Money Doesn’t Matter in Motivating Employees

The following video from the Harvard Business Review features research by Lindsay McGregor and Neel Doshi about the sources of employee motivation. They found six factors which impacted motivation more significantly than compensation. And businesses with strong company cultures were more likely to have satisfied customers.

https://hbr.org/video/4701966304001/what-really-influences-employee-motivation

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