How To Pay Your People Less Money

Workforce attitudes are changing. A recent survey from HSBC Bank Canada found that four out of five respondents agree that being financially secure is important to their tomorrow, but not to the detriment of leading a balanced life and pursuing personal passions.

According to the survey, "practically all Canadians (97 per cent) want to lead a balanced life and particular priorities include: ensuring that their family is well cared for (91 per cent); wishing to travel (89 per cent); contributing something meaningful to society (87 per cent); and living a greener lifestyle (84 per cent)."

In the survey, Canadians overwhelmingly indicated a desire to spend more time with their families (87 per cent). What that means is that if given the choice between getting a high-paying job with high-demand of hours worked or a more moderate-paying job with much more time to spend with family, most would likely opt for the "family" choice.

Workforce Attitudes are changing. You can't expect to own your employees' lives like in past. The new generation of workers won't stand for it. The collective mindset of the workforce is changing: they want to work less, spend more time with their families, travel more, contribute to society (preferrably through their work) and have a more balanced lifestyle they can feel good about.

You can pay people a little less if you don't work them so hard. Separate your people from their families and you will end up looking for a replacement. That costs you money in on-boarding and your Culture will suffer by being known as a tough place to work.

But then, if you as a boss don't have a decent life-work balance (as opposed to work-life balance), how in the world can you relate to what will attract good employees?