5 Things to Consider Besides Salary

5 Things to Consider Besides Salary

Of course, it’s important to earn a living wage. And, while a great salary may top your “wish list” when job hunting, there are other important factors to consider. In fact, some aspects of a potential job can have a much greater impact on your overall satisfaction and long-term happiness than a paycheck. For instance, if you have children or crave work-life balance, flexible hours may be a significant benefit. If you love to travel, more vacation days can help you pursue your dreams.

Surveys show that employees rate the following factors as “extremely to very important” when deciding on a position.          

1. Interesting and/or challenging work, with room to grow.

In a 2018 poll by Korn Ferry of nearly 5,000 professionals, the top reason people were looking for a new job was boredom. That’s right they were bored! If you think about how many hours you spend at work, you can see how continually doing mundane tasks can take its toll over time. Most people want to be engaged in their job and challenged by new experiences. Based on interviews with employees at companies that have been designated as the Best Places to Work, “Doing things that I enjoy and am good at” ranked as the number one reason for loving their job. Having “learning or growth opportunities” was also rated highly. In addition, the Society for Human Resource Management found that 59% of employees think that opportunity for personal growth and advancement was a very important job aspect.

Furthermore, nearly 60% of Americans would take a job they love over a job they hate, even if the preferred position paid half the amount of salary they would earn at the job they dislike! (Lexington Law)

So, as you consider prospective positions, be sure the job responsibilities include tasks that truly interest you. Not every aspect of a job can be exciting, or even interesting, but overall, the position should entail something you enjoy doing and excel at. Also, be sure to ask about opportunities for continued training and growth, which will not only challenge you, but may result in a bigger paycheck down the road.

2. Organizational culture.

It goes without saying that a company with a toxic or dysfunctional culture is not going to be a great place to work. Not surprisingly, research shows that a negative atmosphere can reduce productivity and increase turnover, while a positive culture can improve performance, attract and retain employees and make a company more competitive.

While there has been a great deal of momentum around changing the face of corporate cultures over the past 10 years, Gallup’s “State of the American Workplace” report reveals that only 33% of employees in the U.S. rated their workplace culture as positive or engaging. There is obviously room for improvement.

Start by looking for a company that has taken the time to develop a mission statement and a set of values and that actually puts them into practice. In short, a mission outlines what a company stands for and defines its purpose. According to Forbes, mission-driven employees are 54% more likely to stay for five or more years at a company and 30% are more likely to become high performers. In summary, a great work environment can boost morale, motivate you, and enhance your quality of life.

“Culture” shouldn’t just be a buzzword for the company. And, it doesn’t always mean that the company has ping-pong tables and meditation rooms! A positive company culture is one that encourages teamwork and collaboration; offers opportunities for growth; and places a high value on its employees. They may also serve the community and encourage employee participation in that outreach. In short, there is no single rubric for company culture. However, you can get a sense of whether that culture is a good fit for you by researching the company, asking questions in the interview process, looking for comments on social media and, if possible, talking to other employees.

3. Accessible leadership.

Although this often goes along with a positive culture, having access to leaders and developing good working relationships with them is key to employee satisfaction. According to the Harvard Business Review, 60% of employees surveyed said their relationships with their supervisor or manager positively impacts their focus and productivity at work and 44% said it impacts their stress levels, leading to higher productivity and satisfaction overall.

Accessible leadership makes employees feel valued. It involves listening to employees and making them feel heard, acknowledging their feedback and doing something about it, recognizing employees for a job well done and giving credit where credit is due.

It can be difficult to get a feel for the leadership of a company prior to working there, but you can ask questions about reviews and feedback opportunities during an interview. In these days of social media, you can also often find comments from employees. Other indicators: Has the company been named as one of the best companies to work for? Have the company’s leaders received recognition for their direction?

4. Open communication/transparency.

Transparency and open communication fosters trust, and employees who trust organizations are more likely to be engaged in their everyday work life (TalMetrix). This makes sense when you consider that we are all more likely to trust someone when we feel they will share necessary information with us. Again, open communication is a big component of a positive company culture, but it’s important enough to be considered separately.

Some aspects that contribute to open communication and transparency are annual performance reviews, keeping employees informed about company performance on a regular basis, clearly communicating the company’s mission and values, creating an atmosphere where employees can voice concerns or make suggestions without fear of repercussions, and holding team-building activities.

Again, you can get a feel for a company’s communication style by asking questions during an interview about how often reviews are done and whether there is a forum for employee feedback. Companies that value open communication will also typically communicate this well on their website.

5. Employee health and work-life balance.

The 2018 Global Talent Trends study by Mercer revealed that a large number of employees value flexible schedules more than salary. Flexibility was more important for parents, with 84% naming it the number one factor to consider in a job. Meanwhile 80% of surveyed employees said work-life balance was the most significant factor. Of course, the two are closely related.

In today’s digital world, it’s much easier for companies to allow flexible work schedules as many jobs can be accomplished anywhere via computer. Remote workers are, in fact, a growing population.

In addition to flex hours and respect for work-life balance, employees who are most satisfied with their job site “wellness initiatives” as important. Companies that promote and encourage healthy habits show that they care about employees as people. The Global Talent Trends study found that 50% of employees would like to see a greater focus on well-being at their company, including physical, psychological and financial wellness.

Companies that are committed to the health and wellbeing of their employees often offer a variety of wellness programs, such as on-site health screenings, lunch and learn sessions, on-site gyms, mental health days, standing desks, and more. Typically, these programs are featured on their websites or other recruiting materials.

What do you value? This is the question you need to ask before embarking on your job search. While there is no guarantee, finding a company that shares those values is more likely to lead to long-term job satisfaction.