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Compensation Cafe: Balancing Purpose and Pay to Hire, Retain and Engage Top Performers

Recognize This! – The purpose and meaning of our work are as important as the pay we receive to the work/return equation.

Check out my latest post on Compensation cafe, in which I explore the question “Why do we work?” and if purpose trumps pay in how we answer it. As I point out in the post, research study after research study points to the truth of this, whether it’s Teresa Amabile’s Progress Principle in which the most motivated employees are those who are making progress in meaningful work, or Rosabeth Moss Kanter’s OPI (Opportunity for Positive Impact) employees who care more about creating something new or even changing the world, than on their paycheck.

And then there’s Deloitte’s recent released research report Culture of Purpose: A Business Imperative (2013 Core Beliefs and Culture Study), which found:

“Organizations that focus beyond profits and instill a sense of purpose among their employees are more likely to find long-term success. An overwhelming majority of respondents who say their company has a strong sense of purpose also say their company has a history of strong financial performance (91 percent).”

This doesn’t surprise me. More interesting to me is the differential in executive and employee perceptions of some of the underlying survey questions. Click through to read more.

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