While compensation is a critical part of employment, it’s clear that money does not buy loyalty. As discussed in Right Management’s 2024 State of Careers report, workforce engagement and retention require more than competitive pay and excellent benefits—your organization needs to provide a clear career path and resources that allow your top performers to utilize and develop key skills.
Why Money Can’t Buy Loyalty
According to part two of our 2024 State of Careers report, pay is on the lower end of engagement drivers when it comes to the modern workforce. At the top of that list: a solid fit within the organizational and team culture (33.9%). Career support (31.4%) and training and development opportunities (20%) also outranked pay and benefits (8.3%), showing that top talent is looking for more than a paycheck.
On the flip side, leaders interviewed as part of the report perceived pay and benefits as being significantly more important at 21.2% while significantly underestimating the value of career support (20.8%) and growth and training (15.2%). This disconnect shows the importance of communicating with your workforce to learn what they value the most.
“Boosting pay alone won’t drive lasting engagement and loyalty. Employees feel valued through personalized career investment that meets them where they are in their career,” says Kate Giuca, VP Principal Consultant, Right Management, North America. “As they advance, their focus shifts to unique career paths and feeling appreciated. By addressing these needs, organizations can cultivate genuine engagement and loyalty.”
If you have a strong workforce, you can encourage loyalty by making them feel valued beyond compensation. That means having open, honest conversations about their goals and aspirations and doing what you can as a leader to help push them toward their objectives.
Drive Workforce Loyalty With Right Management Florida/Caribbean
If you’re looking to drive employee engagement and loyalty beyond pay and benefits, Right Management Florida/Caribbean can help. We offer career pathing and coaching & development solutions that can empower your workforce and align them with your organization for the long haul. Contact us today to learn more. And if you’d like to read more, you can download your free copy of Money Can’t Buy You Loyalty, part of Right Management’s 2024 State of Careers series.