A Friday series exploring Startups and the people who make them go. Read all If the Shoe Fits posts here
You may run a startup, but that doesn’t negate the value of a new study (includes link to the full study) by Unum and Monster.com that says culture is more important than compensation.
Number one on candidates’ list was a company “that truly cares about the well-being of its employees.”
The next three are
1. A challenging and fulfilling position, which 84 percent of respondents identified as very important.
For the person attracted to the startup world this is a given, but it requires good interviewing skills to ensure that the attraction is real and not a product of media-driven startup fever.
2. Job security, rated very important by 82 percent.
Many denizens of the startup world will scoff and stop reading at the words “job security,” but there is such a thing in startups. Startup job security is a function of a clear vision backed by knowledge of the target market; good business planning as opposed to shooting from the hip; strong financial controls from the beginning; good hiring practices, instead of “try it and dump if you don’t like it.”
3. An attractive benefits package, which 74 percent of those surveyed rated very important.
Benefits are different strokes for different folks; for those in the startup world ‘benefits’ translates most frequently to equity, but that doesn’t eliminate the value and need for health insurance; people engage more fully when they aren’t worried about their families.
And salary seems to still be in fifth place just as it was 30 years ago.
- An attractive benefits package and an ethical, transparent culture were more likely to be viewed as very important in attracting and retaining staff than were a high starting salary and job security.
- Being a company that cares about the well-being of its staff was twice as likely to be viewed as very important in attracting and retaining staff as providing a high base salary.
Like it of not, benefits of any kind are concrete proof of caring and how those benefits are distributed is a reflection of an ethical, transparent culture—or not.
Option Sanity™ is integral to an ethical, transparent culture.
Come visit Option Sanity for an easy-to-understand, simple-to-implement stock process. It’s so easy a CEO can do it.
Do not attempt to use Option Sanity™ without a strong commitment to business planning, financial controls, honesty, ethics, and “doing the right thing.” Use only as directed.
Users of Option Sanity may experience sudden increases in team cohesion and worker satisfaction. In cases where team productivity, retention and company success is greater than typical, expect media interest and invitations as keynote speaker.
Image credit: Bun in a Can Productions