There is no doubt that money is important. We all need enough money to meet the needs of life and some extra for building a Quality Life and having life experiences. But, spending the day chained to a desk in a highly regimented environment with very little flexibility, vacation and recognition is not that desirable either. Certainly, that does not help the Quality (Balanced) Life equation. In todays world people are looking for greater life meaning, and not just more money.
So, todays employer must have a leadership approach which fosters the building of working relationships, appreciation, flexible hours, community activities and non-financial bonuses. Our company does this through setting work hours that meet the needs of the company and the bio-rhythms of different people, additional annual vacation in non-busy times, providing Quality Life trips to enable life experiences to be taken and time off for volunteer work. All of this brings greater life meaning. Yes, there is some company cost but it also is attractive to the employees. They are more engaged and frankly, the company gets a better type of person whose values are well developed.
If you do not believe me have a look at the HBR blog article Attract and Keep A-Players with Non-financial Rewards by Sylvia Ann Hewlett? which has great supporting research.
Also, learn more about our DNA Employee Performance Report for identifying what roles and work environment employees will excel in to increase the productive use of talents.