Can money actually buy happiness?
A study commissioned by Sydney-based employment law consultancy Employsure found that 71 per cent of employees across 527 businesses in Australia plan to ask their employers for a pay rise in 2013.
“Australian workers believe wages are more important than loyalty,” Edward Mallet, managing director of Employsure, concluded from the study.
However, salary level wasn’t found to be the only issue among employees: a company’s ability – or willingness – to win over its staff’s unwavering commitment to the business also proved to be a deciding factor in employees’ overall job happiness. According to the study, this initiative is failing across the board: 63 per cent of the managers who participated said they’re considering a job change this year.
“Higher wages does not always equal higher job satisfaction,” Mr Mallet acknowledged. "Loyalty from staff is difficult to buy.”
Instead, he recommends initiating a more personable strategy to retain employees:
“Look at other ways of creating an environment that your staff want to work in: generous leave benefits, training and staff activities all encourage staff to stay," Mr Mallet said.
Companies such as Google were highlighted as having developed the ideal balance between a supportive work environment and financial benefits:
"Google has been at the cutting edge of encouraging loyalty from staff,” said Mr Mallet. “They do not pay more, nor do they focus on cash incentives. Instead, they encourage personal projects and pay for all meals for staff. These little things count."