Recently I was having lunch with a dear friend who was a client of mine in my executive recruiter days.
As usual he was asking challenging questions (a good conversation is pointless without them) one of which was ‘what is the most motivating factor for a candidate when considering a new position’?
When I said ‘money’ there was a look of almost physical discomfort on his face and he said ‘still’.
The friend is one of the savviest Presidents I have ever known. Yet he worked for a company that typically underpaid vs. the market. They hired competent talent but could never compete for the top of market candidates. Why?
Many companies fool themselves into believing that they can substitute other ‘perks’ in lieu of base salary. How many times have I heard HR staff or line managers’ talk about ‘opportunities down the road’ or ‘we will review the salary in six months’.
The overwhelming majority of people work because they have to, so it’s always about the money. Anyone who thinks otherwise simply has to look at their own situation. It’s time that everyone in the organization started treating everyone around them like they want to be treated, both from a salary point of view and otherwise.
To not do so is to have your company relegated to the class of firm who can only hire competent talent.