The article Why Company Culture Matters More to Employee Than Pay, by Richard Pearson discusses that money used to be the main motivator for people to work hard. However, now with Generation Y stepping into the limelight, money is no longer the motivator it once was. Generation Y is more encouraged by an incredible working culture and in order to have a great working culture; you need to take the psychology of people, as individuals, and as a team, into consideration.
Pearson touches on Maslow’s Hierarchy of needs and how these needs contributes to workplace culture. Everyone starts with the basic needs of survival: warmth, food, and health. These basic needs can be achieved through money. In order to help employees achieve higher levels on the hierarchy of needs, it’s important to provide employees with a friendly, safe place to work, while also giving them the knowledge that their job is secure.
Pearson also touched on the fact that companies who don’t value what their employees bring to the table, besides the revenue that they turn over, find that their retention rates are much lower than companies that do. With this in mind, it’s important to realize that fostering a strong relationship with your staff in a nurturing and welcoming environment, can result in measurable benefits for your company.
You can read more of the article here.