Eric Schmidt, the CEO of Google, announced the good news to his employees. Everyone at the company will be receive a 10 percent raise to boost morale in an environment where Google employees are leaving for greener pastures. According to the Wall Street Journal article, internal surveys indicated that employees consider salary to be the most important aspect of compensation.
I agree. Though one’s salary says little more than how well one negotiates and is only tangentially related to how much someone is worth to an employer, salary is emotional. If you feel you’re earning less than your peers or equals, it’s easy to feel under-appreciated. Though motivational speakers would suggest using that as encouragement to perform better and negotiate, that’s not a common reaction.
It’s not only huge corporations that have this problem, but the lesson is that your employees are your biggest assets. Whether you’re a huge corporation or a non-profit with 15 employees, you must take care of your employees if you want to attract, keep, and foster talent.
And believe me, you do want to attract, keep, and foster talented employees. They will find something else to do. And for the talented employees out there: don’t wait to be appreciated.