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The Psychology of Money: What You Don’t Know Might Hurt Your Business

May 01, 2019

Understanding the psychology of money will help leaders understand their employees better, and therefore better appreciate what it takes to create a secure future in the workplace.

That’s simple, right? More money equals more employee engagement and value, or at least a higher level of commitment to staying the long term, which pays off in many ways.

But what if it’s not so simple? What if money isn’t at the top of the list when it comes to employee satisfaction?

The answer we explore in this paper is that providing more money, or better pensions, for employees doesn’t always make the right impact. In fact, research from the field shows that most people are not directly incentivized by money, and creating the right solution is not as easy as creating job security or even financial stability for the average employee.

When we explore recent evidence-based research from business studies, we find that is creating a high-output pension plan should not be treated as the only objective, or even the most important objective, in helping employees plan for retirement. The right approach is an positive leadership choice, rather than a financial choice, but there’s a lot that needs to be unpacked in creating the right framework for pensions that work for businesses.

In our new paper on what kinds of money decisions matter in 2019, we look at the right way to structure pensions, and and our relationships with employees, that increases employee commitment and motivation.

At Marris Miller, we know how to create the internal capacity for retirement planning at every level of the organization so people feel secure and satisfied. In this paper, we’ll share the best of what we know for your leadership planning processes for the next year so that you have the tools you need to succeed.

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