As a workplace rookie back in my twenties, I thought people worked primarily for money.
When someone back then tried to convince me that other aspects of work mattered more, I remember being highly skeptical.
But here I sit, too many decades later to name out loud, having been an ardent student of what goes on in the workplace through my work in leadership development. Now I finally understand: people get multiple "paychecks" each week from their employers.
And only one of them shows up in direct deposit.
In a way that is very different than 100, 50, or even 30 years back, you must be aware that you "pay" your team members with four distinct things each week. Headhunters and recruiters do the happy dance when you neglect any of them.
The four paychecks
Financial compensation: Salary, bonuses, benefits. Of course these matter. But once pay hits the "fair" zone, it matters far less than most managers realize. I've surveyed thousands of employees on what they want from their managers. "Champions my compensation" comes up, on average, as #7 out of 18 things they seek.
Emotional compensation: Does your team member leave work feeling good about themself? Do they feel enough accomplishment to fuel them through the rough parts of the job? Do they believe you genuinely appreciate and respect what they contribute?
Intellectual compensation: Do they feel they are learning? Is their natural curiosity being fed? Most people think being overworked is way harder than being underworked or bored, until they get a big dose of the latter.
Career compensation: Is working here making your team member more valuable? Are they gaining experiences, relationships, visibility and skills that will open doors later? Do you care where they are headed? Will you help them get there?
The part managers often miss
You can be paying someone very well and still be underpaying them badly. Perhaps they aren't learning enough. Or they feel undervalued. Perhaps they don't see how what they're doing for you could ready them for better jobs down the road.
So take a look at the people you most want to keep. Which of their four paychecks could you make richer this week?
Here's the happy ending: it's always very possible to increase someone's compensation without spending a dime.
