Employers spend a lot of time and energy striving for engaged workers, the kind of employees who are happy, productive, and devoted to their jobs. But finding ways to recruit and retain those employees takes understanding what workers value most from an employer, and that gets complicated. Some employers emphasize their commitment to flexibility and work-life balance as a way to give employees what they want. Others hope to win workers’ hearts with perks such as free lunches, game rooms, innovative office design, and the latest technology. 
So the answer to the question “What do employees want?” likely differs depending on individual situations, but at least one recent study points to a basic need—money.
Staffing firm Spherion’s 2016 Emerging Workforce Study, released in late June, says salary has reclaimed the top spot on employee priority lists. And in what may be a warning to employers, the study also maintains that employees are now feeling empowered to seek higher salaries and better benefits.
The study, conducted online among 416 U.S. human resource managers and 2,810 employed U.S. adults age 18 and older, found that 26 percent of workers are at least somewhat likely to look for a new job in the next 12 months. That’s up from 18 percent from the previous year’s study. Also, 51 percent of those surveyed said they believe the expanding job market gives them more power to negotiate a higher salary either with their current company or with another.
Other priorities exist, too
But an emphasis on pay and benefits may not tell the whole story. Brad Federman, chief operating officer at F&H Solutions Group in Memphis, Tennessee, says his firm is seeing individuals focusing on taking control of their careers, and they understand no one will look out for their best interests like they will.
“Most people are trying to work for companies doing interesting and great work and have a strong brand,” Federman says. “They desire working for organizations that impact the broader community. And they desire to keep their skills sharp and to make a difference.”
Workers see that improving pay and benefits is “a natural aspect of movement,” Federman says. “And most organizations that take great care of their employees and pay them well have great brands, do great work, impact the broader community, and provide more development and training.”
So employers need to consider more than just dollars. “They need to look at their culture and how they treat their employees,” Federman says. “They need to look at how they can strengthen their brand through their culture, leadership, and people. If they do that in conjunction with being competitive in pay and benefits, they will win.”
Choices necessary
But what if an employee’s priority on pay doesn’t correspond with the employer’s ability to afford higher salaries and more expensive benefits? “Some organizations will be able to be more competitive than others,” Federman says. “I would suggest that organizations understand which positions are most strategic and impactful. Those are the positions that organizations need to pay at the most competitive rates. It is all about choices.”
Employers that don’t pay what employees think they can demand will see talent losses, but that can be controlled, Federman says. “They will lose people because people want opportunity, and opportunity is finally out there. That is how people advance in their career.” Also, he says, employees that stay with an employer a long time are likely to see their pay stagnate.
“In fact, many companies pay new people more than the people that have been with them over the years because they feel they have to attract new talent.” Federman says. “Expect turnover. But an organization can reduce the amount by investing in the employee experience and reviewing their compensation to ensure they are still competitive.”
Federman says employers need to remember that pay and benefits may top an employee’s priority list, but people also value other aspects of their jobs. What else occupies a place high on their priority lists? “Career development. Career development. Career development,” he says. “People quit jobs, not careers!”