Thanks to Next Big Idea Club, you can now listen to a 15 minute summary of the top 5 big ideas from The Case for Good Jobs, read by Zeynep Ton. 1. Low pay hurts workers and companies more than we think. 2. Higher pay doesn’t mean higher prices or lower profits. 3. Mental models that produce excellence. 4. Spreadsheets don’t tell the truth. 5. The risk of making system change is much lower than the risk of the status quo. https://lnkd.in/emvNE-Sq
Good Jobs Institute’s Post
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Research has shown that workers are disengaging from their previous allegiance to a single company. This is not universal, but it is becoming so. In most countries ‘a job for life’ is now a thing of the past, and both culture and corporate culture no longer support it. Businesses have shown that they are often slow to hire and quick to fire - especially in troubled economic times. This sounds like a great plan, and I’m not saying it isn’t financially - in the short term. I’m also not saying it is easy for those that make the decisions - but it does have important knock on effects. For example, everyone wants to feel valued - the people most in demand have the greatest choice and in uncertain times will re-evaluate their choices and jump ship soonest. Post pandemic people now want more control over their work-life balance, or at least of where they work - I’d argue that those that see this as a battle have already lost. We know there are great ways of getting people back to the office but that involves change, not doing the same things and shouting louder. We hear that staff want to be seen, heard and valued - When was this not so? Also when was it a bad thing? Non-financial incentives are being used by forward thinking businesses to improve productivity and hold onto staff. When pay does not go up enough but jobs are relatively easy to come by people will leave. This is incentivised by businesses who will offer what they can, especially non-financial incentives, to attract the best staff. It is often these same businesses that complain about staff issues not realising that they are the ones causing it. The answer is for businesses to think more widely about financial decisions about people. I’m not saying don’t cut staff, but think who you need, what you want them to do, what you can do with them that will improve productivity and make them want to stay. It’s not hard, but it is a skill most finance teams do not yet possess, but some are investing in it and more, good businesses, will create these skills soon if they get the right help. Sadly this is going to be really hard to do on your own, but it does not have to be really expensive. #increasingROI #people #customerjourney
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Pay Grade. Someone said to me today “that’s above my pay grade”. It made me think. What’s above your pay grade? Or below it? Is this way of thinking helpful guidance, an all purpose stress management strategy or just a cop out?
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Trainer, Author, Consultant. I help companies develop high performance organisation cultures, so that their people can achieve business results.
How much is purpose worth? I recently read a comic strip in which the conversation went like this: Worker A: If your boss gives you a meaningful purpose at work, would you accept a lower pay? Worker B: No. Worker A: That goes to show how much meaning and purpose is worth at work. At first glance this sounds logical, but if we think deeper, this is thinking about the matter in a wrong way. If your boss tells you a purpose for the sake of cutting your pay, I would have serious doubts about that purpose and the intention behind sharing the purpose. So this comic isn't about purpose. It is about whether a leader treats their people fairly and respectfully. Think about these questions. Why do some people stay at a job despite being offered a higher pay elsewhere? Who do some people quit their jobs to take up lower-paying jobs in an unfamiliar industry? Ultimately people want more than money from their work life. How much is purpose worth? Everything. As leaders, how do we help our people find their purpose?
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🌟 what an eye-opening article! 📚✨ The research on why employees accept lower pay at mission-oriented companies really struck a chord with me. It's inspiring to see how purpose and passion can outweigh monetary compensation. 💪❤️ Question for you all: Have you ever chosen a job or career path based on the mission or values of the company? How did it impact your overall job satisfaction and motivation? Let's discuss! 🗣️🤔 Hashtags: #MissionDrivenWork #EmployeeMotivation #PurposefulCareers As someone who believes in the power of purpose, this article resonated deeply with me. It's incredible to see how mission-oriented companies can attract and retain employees who are driven by something greater than just a paycheck. Let's dive into this fascinating topic together! 🌍🤝💼 #EngageWithPurpose
Research: Why Employees Accept Lower Pay at Mission-Oriented Companies
hbr.org
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At JUST Capital, part of my job is to interview CEOs and thought leaders. My latest article features MIT Sloan School of Management professor and Good Jobs Institute president Zeynep Ton. Her research underscores a simple message: Paying workers low wages/and "lean and mean" operations is a failing strategy. Here's why.
Zeynep Ton on Investing in Workers: ‘Paying Workers Low Wages is Actually Very Expensive’
https://justcapital.com
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Lately, my LinkedIn feed has become a hotspot for the 'Pay Them More and Watch Them Stay' fan club. As your friendly (and nerdy) neighborhood I-O psychology practitioner, it's time to don my myth-busting cape and sprinkle a bit of reality in the world of work. While competitive pay sets the stage, let's dive into the blockbuster dynamics that truly keep employees doing a happy dance in their cubicles. 💼✨ 🔍 Insider Insights: A Closer Look Studies confirm the link between pay satisfaction and lower turnover intention. But here's the scoop - it's not just about the paycheck. Research, like the one from Heneman and Schwab, reveals that various aspects of pay, including raises and benefits, contribute to a strong connection. 💡 What Influences the Game? Hierarchy Matters: Lower-paid roles are often more influenced by pay. When you're covering the basics, the value of fair compensation skyrockets (Heneman & Schwab, 1985). Fairness Perception: It's not just about the money. Employees sticking around are the ones who see fairness beyond the paycheck (Cropanzano, Bowen, & Gilliland, 2002). Happy Workers Stay Longer: Unhappy with the pay? It might spill into overall job dissatisfaction and impact how long someone stays (Kleine, Rudolph, & Zacher, 2019). 🌟 Business-Ready Retention Strategies Beyond the salary talk, here's what you need to focus on for a retention strategy that speaks the language of business: Job Satisfaction: A positive work environment is your secret weapon for lasting organizational commitment. Career Growth: Offering growth opportunities keep your team motivated and engaged. Balance is Key: Supporting work-life balance isn't just a perk; it's also a retention strategy. 🔗 The Bottom Line: Competitive pay is a piece of the puzzle, but the real magic lies in crafting workplaces that go beyond the paycheck. Let's build a team that thrives and stays committed! 💼🚀 #EmployeeRetention #TalentManagement #WorkplaceCulture #WorkMythBusters #BeyondThePaycheck
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Back in 2018, I stumbled upon an intriguing research article that left a mark on my thoughts. To my surprise, the same article has recently resurfaced, igniting conversations about a captivating trend. Isn't it fascinating how certain concepts find their way back into the limelight, reminding us of their significance? As I revisit this, I realize that it has become the latest corporate trend holding people back from negotiating higher salaries. Academicians call it ‘Social Impact Framing' - one that promises to reshape how we approach work and contribute to the greater good. As per a recent Harvard Business School Study organisations these days are seeking individuals not merely for their skills, but for their unwavering passion and mission-driven dedication. They are looking for people who can actively contribute to making an impact globally. At the face of it, it’s a movement that fuels a deep desire to make a positive global impact, to be a part of something greater than oneself. Driven by purpose it infuses each workday with a renewed sense of fulfilment and an insatiable drive to excel. Yet, Below this noble mission-driven philosophy, lies a thought-provoking question that needs attention. In this earnest desire to work for a cause, speaking for greater financial compensation has a big chance of being misinterpreted as greed. Can this new cultural shift inadvertently steer us away from negotiating higher salaries? Can your innate desire to shape a better world restrain you from pursuing external rewards? Imagine standing at this crossroads of mission and remuneration. What do you think is the right approach to handle this? D. Gargi With inspiration drawn from the thoughtful pages of a Harvard Business Review study - https://lnkd.in/g4cdRWMw and cited Hussain, I., Pitesa, M., Thau, S., & Schaerer, M. (2023). Pay suppression in social impact contexts: How framing work around the greater good inhibits job candidate compensation demands. Organization Science. https://lnkd.in/dpDMrXSG #DGargi #innovation #Management #Research #Storytelling #Compassion #Salary
Research: Why Employees Accept Lower Pay at Mission-Oriented Companies
hbr.org
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I partner leaders and organizations to create a psychologically safe work environment that promotes inclusion and drive people to achieve more!
"Work for something MORE than just money." ........................................................... Listen to any financial guru, and they will tell you don't be dependent on a single income. If you already have multiple income stream, why then should you work? If you are someone practical, then take heed of this. Having mentored numerous leaders, a key message I emphasize is "You work for yourself. You happen to contract your hours to your organization to perform a certain amount of task for a an agreed payment. In case you are still wondering what is the value of working for an organization, the answer is the organization is a relatively safe space for you to make mistake, learn and grow fast. If you were to just 'go on your own', yes, you have freedom and yes.... you will learn but the mistakes you make will be costly and your growth in terms of skill mastery will be slow. The various guard rail placed by organization and guidance by your manager will act as an accelerator to your growth. When it comes to pay, calculate what is a decent pay package that allows you not to be thinking of the pay, at least not in the short term. Most country labour law would ensure some level of protection against abuse. Don't be too hung up on benefits. If you join mainly for benefit, then you need to reflect on your focus. If you are new to the workforce, identify the skills that matter to you. Engage your managers in a career conversation (checkout my video on key question to ask when having this conversation with your manager, https://lnkd.in/gACY7XCD). With that in mind, focus on mastering those skills. Take chances and try new ways of doing things. #careercoach #careerconversations #leadershipdevelopment #organizationaldevelopment #organizationalculture #humanresourcesmanager #traininganddevelopment
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Technical Lead at Johnson & Johnson Vision
1yExcellent book The author really challenges the race to the bottom strategy that produces poor service poor quality and unhappy employees. An interesting point was that wall street rarely objected to wage increases for hourly paid employees as part of a strategy to drive excellence and increase market share. Businesses are more likely to fail by staying stuck in mediocrity rather than being overtaken by technology.