Cash is no longer king! There’s no denying a hefty paycheck is very attractive to employees. But in the long run, employees are looking for more than an extra 0 at the end of their annual salary. 

“A study conducted by Princeton found that once a person makes about $75,000 a year, income no longer has an effect on happiness.” So it seems like money should serve as a threshold, not an indicator of how happy your team members are.

There’s more to life than money! Research has found that there may be more important factors in employee satisfaction. 

In a consideringly consumer-driven marketplace, we’re looking into the most important factors for employee satisfaction compared to traditional remuneration. To identify why there's more to consider than salary alone when taking a new job. 
 

Traditional Remuneration
 
Traditional remuneration includes your salary and salary package. Salary is your base starting salary. Salary packages typically include your base salary as well as additional benefits, incentives or rewards, such as superannuation, annual and sick leave, car allowance or bonuses.
 
Salary is an important deciding factor when considering a new role. Your pay should reflect your skill level and also reflect the value that the company puts on the work that you do. Fast Company can help you determine what you’re worth in your industry and additionally as a freelancer. 
 
You definitely should feel that your work is adequately remunerated. But, also consider your day to day enjoyment in the role. 
 
The average person spends 1/3 of their life at work, over 90,000 hours! What better reason to make time at work enjoyable?  
 
We know that work has an impact on health. Being satisfied at work has more to do with the day to day satisfaction in the workplace.
 
Studies show money isn’t the most important thing when it comes to employee happiness. “It isn’t the driver of job satisfaction,” There are other factors employees value more. 
24% of employees in Australia reported basing the decision on where they work on the employee benefits additional to salary. Here are some factors candidates look for other than money
 
Rewards 
 
“An extrinsic reward is an award that is tangible or physically given to you for accomplishing something.” It is a tangible recognition of employees achievement. 
Rewards can be non-monetary incentives rewarded to employees for their performance. Rewards are given through different incentives and opportunities. They provide motivation and enjoyment whilst attributing to an intrinsic sense of achievement when satisfactory outcomes are reached. 
 
Only 42% of employees are happy with the rewards and recognition their company offers.  
With 38% of employees say their employer does not offer any rewards or recognition. 
 
Recognition 
 
“An intrinsic reward is an intangible award of recognition, a sense of achievement, or a conscious acknowledgement satisfaction.” This can be a sense of achievement that comes from the role. 
 
Employee Recognition has a strong impact on employee morale. Employees who receive recognition for their work accomplishments tend to have much more positive workplace attitudes. 
 
Recognition rewards can include award ceremonies and announcements. Even a simple acknowledgment of a job well done. 
 
Balance
 
Flexibility and work-life balance can really harness a happy work environment. 
 
Employees want flexibility- it can be very attractive to a potential employee. By giving an employee the option to work from home, take time off and to name their own hours you’re making employees want to work! 
 
There has been a decrease in traditional office hours and a move to time-shifting to accommodate a lengthy commute, childcare or to allow for remote work.
 
There is a shift toward parents both returning to work meaning that balancing children is of increasing importance. Flexible work is not only a benefit for many candidates its a must! 
 
In addition, there is a strong shift toward employees wanting to work from home. Employees are seeing remote work as a much more valuable asset to the workplace than ever before. It allows parents the ability to balance commitments and employees the ability to a sense of freedom from the repetition of the workplace. 
 
 Autonomy and a certain level of trust are important for an employee to feel their manager values them and understands their desire to manage a healthy work-life balance.
 
Time In Lieu 
 
The ability to have a sustainable work-life balance is a huge employee demand. If the job demands a huge amount of unremunerated overtime employees job satisfaction and morale can drastically decrease. 
 
Getting time back for overtime is a very in-demand benefit. 
 
Company Culture 
 
“Our values act as a compass for who we are and how we act. Ignoring this compass can lead to a lot of frustration or discomfort at work.” Working in an environment that doesn’t support our values doesn’t lead to very high job satisfaction or good culture. 
Working in an environment where there is positive staff morale and you feel you are supported is critical for a prosperous career. 
 
Benefits 
 
Benefits are great for improving employee satisfaction in their day to day role. 
Guardian Workplace Benefits Study, found that “Eight out of 10 employees say that employee benefits are the deciding factor in taking a new job or staying with their current company.” 
Benefits are the icing on the cake or the cherry on top. They are little things that make all the difference. Including free food or drinks, free parking, access to workout facilities and transportation allowances. 
 
Training 
 
Employees value education and development as an asset that benefits the course of their career. There is an increase in the demand for subsidised training, education and personal development. This is an important factor for employees as it has the capacity to open the employee to new opportunities. 
 
So why is employee satisfaction important?
 
Low employee satisfaction leads to high staff turnover and poor productivity and performance. Employee engagement is reliant on how satisfied an employee feels in their role. 
Research has shown that 48% of employees are either “unhappy” at work, or only “somewhat happy.”
If employees want longer term workplace happiness, they should definitely look further than just their pay packet. Day to day happiness is dependant on a magnitude of factors that make choosing the right job more challenging than a simple consideration of yearly income. 

Ask yourself, what’s important to you? 


 

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