Money is not always the main motivator for employees

August 29th 2019 | Posted by phil scott

Money is not always the main motivator for employees

Money is not always the main motivator for employees

Finance directors and employers looking to recruit additional staff members might be interested in a recent survey, revealing that money isn’t the only thing to attract people to take up employment with companies.

The study conducted by UK pharmaceutical company MSD sought out to point the basic instinct that comes into play while a person searches for a job. While this study was predominantly aimed at the pharmaceutical sector, it is also consistent with our findings within the finance sector.

MSD wanted to establish the motivating factor for people that go job-hunting, since as of September 2018, the pharmaceutical company planned to recruit around 150 of the brightest scientists in London for its most recent research hub in the city.

The online survey taken by 2000 people, with all of the participants aged over 18, had some staggering results. It was revealed that three-quarters of 74% of young workers, aged between 18 and 34 and 66% of workers aged above 35 would be delighted to work for any company that was committed to making a positive impact on the world.

And it doesn’t stop there. The findings of the online survey went on to reveal that 42%, which is over two-fifths of the young workforce, would deal with pay cuts if their financial loss would result in a positive impact in the world. Furthermore, 23% of workers over the age of 35 agreed with the young workforce on this.

The survey also suggested that employees who are more in tandem with the overall purpose of an organisation, are better workers and tend to be more productive. Bearing witness to this is the fact the two-thirds or 69% of the young workforce stated in the survey that they would be more productive when working for an organisation that bore a positive influence on the world. 56% of workers beyond the age of 35 agreed with the young workers and expressed the same views on productivity.

A rather interesting subject that the findings of the survey brought into the open was that 50% of workers aged between 18-34, along with 32% of workers over 35 stating that they would probably leave their organisation if it wasn’t actively pursuing to better the world in some way.

To say that these findings raise questions would be the understatement of the century. What started out as a survey to find the primal instinct that motivates workers towards jobs has revealed a massive change in attitudes within the workforce.

As the findings of the study make clear, workers are no longer solely motivated by money; instead, workers tend to look for jobs at organisations aimed at positively influencing the world.

Going forward, however, companies need to assess themselves and prioritise the positive influence that they have on their employees.

If you are finance director looking for your next role, register with us. If you are an employer looking to employ a finance director, contact us.