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Show me more than just the money

It is essential to reimagine the concept of total rewards and move beyond a narrow focus on just financial incentives

For those of a certain generation – I have no doubt you can still vividly picture the scene in Jerry McGuire with Tom Cruise being asked to shout “show me the money” down the phone. Unfortunately, when we think of rewards at work, default will always be monetary compensation and we just think its all about the cash.

I would be foolish to say, financial remuneration does not play a significant role in attracting and retaining talented individuals. However, it is crucial to recognise that money is just one piece of a very complicated puzzle that forms what is known as the psychological contract at work.

In today’s dynamic and evolving work environments with multiple generations in the workforce, the concept of total rewards encompasses a broader spectrum of factors that contribute to employee satisfaction and engagement. Among these factors are the often-forgotten recognition of personal achievement, making people feeling valued, the ability to influence, and personal growth. All these are crucial components to creating a holistic and fulfilling work experience in the modern workplace.

While a competitive salary and benefits package can capture initial attention (think show me the money), the ability to achieve and be recognised for those achievements — fosters a sense of purpose and fulfilment within individuals. The desire to make progress, accomplish goals, and overcome challenges superpowers intrinsic motivation, driving employees to excel. Implementing schemes that recognise and celebrate achievements, play a pivotal role in boosting morale, increasing productivity, and nurturing a positive work culture.

The ability to Influence is another essential aspect of supporting the psychological contract — it empowers employees to make meaningful contributions and shape their work environments. Feeling valued and having a voice in decision-making processes fosters a sense of ownership and commitment to your companies’ goals. Organisations that embrace transparency, open communication channels, and participatory frameworks create a culture that values employee input. This inclusive approach not only enhances job satisfaction but also allows for the flow of innovation and diverse perspectives, leading to improved problem-solving, innovation and overall organisational performance. The best ideas will always come from your teams.

Employees who have opportunities to expand their knowledge, acquire new skills, and pursue their passions are more likely to feel fulfilled in their roles. Organisations that prioritise the personal growth and well-being of their employees create an environment where people thrive. Opportunities for skill development, mentorship, and coaching programmes can support employees to reach their full potential, equipping them with a broader skill set and boosting their self-confidence. As employees grow personally, they bring their enriched selves to the workplace, positively impacting team dynamics, and collaboration. Organisations that invest in learning and development initiatives, provide access to educational resources, and encourage employees to explore new horizons create a vibrant and engaged workforce. More importantly personal growth initiatives contribute to employee retention, as individuals perceive long-term value in organisations that support their continuous development.

While monetary rewards are undeniably important, they are not the sole drivers of employee satisfaction and engagement. Organisations that acknowledge the significance of recognising achievement, influence, and personal growth as essential components of total rewards create a more enriching and fulfilling work environment. In this holistic approach, employees feel valued, motivated, and connected to their work, leading to enhanced productivity, loyalty, and overall organisational success.

As employers and HR professionals, it is essential to reimagine the concept of total rewards and move beyond a narrow focus on just financial incentives. In an era where talent is increasingly difficult to attract and retain, a comprehensive and impactful total rewards strategy becomes a competitive advantage in the war for talent.

My final thoughts — while money serves as an initial attractor, it is the broader aspects of total rewards that truly engage and retain employees. Recognised achievement, the ability to influence, making people feel valued and personal growth provide a deeper sense of fulfilment and purpose in the workplace.

By embracing a holistic approach to total rewards, organisations can create an environment where individuals thrive both professionally and personally, driving long-term success.

Show me the money? That’s nice to start with — but personally there are some things I value greater.

The writer is the Group Chief Human Resources Officer of Galadari Brothers. He is a Chartered Fellow of the CIPD and a graduate of the Wharton CHRO programme. His work on organisational transformation has been showcased by the CIPD in their digital learning series and presented at the CIPD London Festival of Work. In 2023 he was listed in the top 50 most Influential HR leaders in the region by the Economic Times.