$1.5 Billion is a whole lot of loot. An almost unfathomable amount.
It is, by far, the largest jackpot in the history of any Powerball or any type of lottery anywhere on the planet.
While it’s hard to imagine being the winner, try to imagine that the winner turns out to be the top performer on your payroll. Would they give you two weeks notice? Would you ever see them again?
Okay. Let’s scale it back by many multiples.
If they were to win just a paltry $10 million dollars in the lottery, how many of your employees would quit their job?
That’s one of the revealing questions Gallup asks in its annual Work and Education survey. The percentage of Americans saying they would indeed quit after receiving this windfall has ranged from 31 to 44 percent. That means that at any point in time at least a third of your workforce would walk away from their jobs if they didn’t need their paycheck.
There’s little doubt that a paycheck (compensation) has a significant impact on whether or not your people are engaged at work. But if you want more than engaged employees – if you want them to be on fire at work and perform for you like they would if they owned the company – they need more than a paycheck. In fact, they demand six additional factors that, combined with compensation, form the 7 pillars of a great workplace culture:
- compensation – money, perks, benefits, and work/life balance
- alignment – meaningful work at a company with values that mirror their own
- growth – opportunities to learn new skills and advance in their careers
- atmosphere – a workplace that provides a safe, upbeat, enjoyable experience
- acknowledgement – feeling appreciated, rewarded, and sometimes even celebrated
- autonomy – encouragement to think and act independently and make decisions
- communication – being informed about relevant company issues and knowing the company is actively listening to their ideas and wants honest feedback
Great workplace cultures aren’t built on simply paying high salaries. Employees who are in-demand need more to perform at their best and to remain in their jobs.
ON POINT – To ensure that you attract and retain the best possible people in your organization requires that you continually improve your workplace culture across all 7 pillars. So what are you going to do today to make sure that if your best employee wins the lottery – or if they receive an offer for a higher paying job from your competitor – they will stay with you for the foreseeable future?
Remember, money matters, but it’s only 1/7th of the culture formula.
See the video trailer of why I wrote ‘On Fire At Work’ here.