Cash isn't biggest factor in amazing work experience
Austin Business Journal by Sam Goodner, Contributing Writer
Have you ever had a job that was truly amazing? Remember what that felt like? Even if you worked long hours for less money, you got up every day energized about going to work because you loved what you did and the people you worked with.
Although such amazing work experiences are the exception rather than the norm, I believe that they can be predictably recreated through conscious effort and that they have three elements in common. But let me first address the elephant in the room: money.
Money does matter, but not in the way that you might think. Money — it turns out — does not contribute directly to an amazing work experience, but there is a minimum threshold below which you won’t be able to attract or retain talented employees. So you need to compensate people adequately for their roles and fairly compared to others in your market. But once you pay them enough to support their family and their lifestyle, holding out more money as a reward won’t improve their work experience — or their performance.