Money, Toddlers And Employees – What Do They Have In Common?

Author: Dean Tuckey

Quite a bit actually!

Money is appearing to be ‘king’ in today’s world when it comes to attracting and retaining staff. Many employers remain convinced that money is a primary motivator in an employee’s stay or go decision, several factors underpin this belief;

1. Concreteness: Wages are tangible and easily understood, while concepts like belonging, contribution and growth are abstract and difficult to grasp.
2. Proximity: As managers, we can quickly distance ourselves from a difference in wages, “Nothing I could have done”. Much harder to create psychological distance when considering how our management failings might explain the employee’s departure.
3. The Mum-Effect: At exit interviews, most employees will tell us what they think we want to hear. They do this for themselves and us. Much easier to say, “It was the money” than “you didn’t seem interested in my growth and development”.

However, current research is suggesting that ‘other’ job attributes beyond money are driving employment decisions.

So, what’s more important than money?

The answer can be found in observing toddlers. From a young age, two strong motivational groupings emerge. The first motivators are relationship oriented. Infants are driven to form social bonds with their primary carers. The second set of drivers are achievement-oriented and become evident around the age of two. Anyone who has observed a toddler will have seen the delight when their construction stands upright and the utter frustration when it falls over. By the age of two, toddlers demonstrate a desire to be competent and effective and with that, we see the first signs of persistence. Importantly, these fundamental needs that become evident during infancy continue through adulthood.  

In the workplace people look for belonging cues that meet their relationship-oriented goals. Belonging cues signify that the relationship is secure and will continue. In the workplace, belonging cues look like the boss saying, “good morning”, using our name, asking about our weekend, recognising important moments, and checking on us when things don’t seem right.

Achievement-oriented needs comprise our drive for competence, autonomy, and mastery. Bosses who meet these needs frequently praise good work and recognise effort.  Furthermore, they take the time to identify what achievement and meaningful work looks like for each employee and then apply the appropriate balance of challenge and support.

Unless you are paying below the market rate, money is rarely what initially leads people to look elsewhere. In reviewing your practice, you may discover that you can retain staff and build a more satisfying and productive workplace.