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2008
More to Life Than Money?
Deloitte recently released a report about Competing for Talent in the telecommunications and technology fields.
Their findings show that “big salaries and bonuses might help solve the talent problem for awhile, but they don’t address the fundamental shift that is occurring in the workforce. Workers today aren’t as interested as they used to be in hefty compensation packages and fancy retirement plans. What they really want – more than anything else – is direct and personal control over when, where, and how they work.”
What is interesting to me about Deloitte’s report is how they respond to the stigma attached to the phrase “work-life balance.” Deloitte’s research shows that work-life balance doesn’t have to be a corporate euphemism for working less; it can be about working differently. The reports concludes that “to attract their fair share of talent, companies should consider adopting programs that meet the needs of the company – and each employee – instead of offering people big financial incentives, but then forcing them to adapt to the requirements of the job.”
This can also be a blessing in disguise. With all this recession talk, your company might no longer be in the position to give big bonuses or raises as often as you’d like. The good news from the Deloitte report is that you have other options. There is hope, and there are ways to retain your workforce and keep them motivated and happy through these tight economic times.
