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Rula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.
The nonsense that flows through a regular journalist's email every week is astonishing.
However, last week, among the usual alerts about obscure middle managers moving to unremarkable jobs at companies you've never heard of, and the lively news that AI is being disruptive, there was a miss.
One online CV writing company wrote to say that an analysis of more than 20 UK industries showed that a) the happiest employees worked in finance and insurance, and b) these workers earned the highest wages, on average £85,538 a year.
This amount was almost three times the pay of the least happy employees, in accommodation and food services, and more than double the pay of the second least happy employees, in agriculture, fishing and forestry.
Wow, I snorted to myself. The highest paid workers are the happiest. Who would have ever guessed?
I was still thinking about this when I ran into a friend who reminded me that things are actually not that simple.
Several well-paid executives at its financial group have recently resigned to work at rival companies for reasons beyond money. “They don't feel loved,” she said, explaining that one man she worked with had just left after his manager repeatedly praised his colleagues, but never mentioned the same value to his colleagues. efforts.
Honestly, I think I'd have to deal with it if I was making half what this guy was making. Also, since bonus season has begun, it's worth noting that money is still a powerful motivator, especially in finance.
But my friend had a point. Once you earn enough to meet what you consider basic needs, you are more likely to appreciate the non-rewarding aspects of work, such as praise and recognition.
In other words, people can stay in jobs that pay below market wages if they feel that their work is regularly and properly appreciated. To be more specific, if they are recognized at least monthly, they are 33 percent more likely to say they are not looking for work in the next year, some say. research He appears.
However, the percentage of American workers who said they received praise or recognition in the past seven days for doing a good job fell to 0.1%. Lowest level in 15 years this year, reflecting a decline in the percentage who say they are very happy with their workplace.
This raises a question: Why don't managers deliver praise more subtly?
It's hard to think of anything else that costs so little, takes so much time, and yet achieves so much as a short email or chat to praise someone's work.
For employees whose work goes largely unseen, or who are only noticed when they make mistakes, this recognition can be of great importance.
Sadly, I still remember the time when I was a news editor and a senior executive came to marvel at how our office turned so many unread stories into readable reports so quickly. This was of course our mission. But it was also largely invisible, except when we introduced error or committed other atrocities that required corrective action.
However, even highly paid employees in high-level jobs love praise. There's a lot to be said for peer recognition, too.
I'll tell you a little-known fact: One of the reasons the Financial Times is such a fun place to work is that even though it's crowded with hard-working competitors, a notable number send letters of thanks or praise to colleagues when they discover their work. He loves.
This happens organically. Other larger companies are trying to manufacture this type of thing with Programs Like the only US airline, JetBlue, that used it to encourage employees to name colleagues who are doing a great job.
People who liked received points that they could use for various sweets. one analysis The effort showed that for every 10 percent increase in the number of people who reported being recognized, the airline saw a 3 percent increase in their retention rate.
This is not nothing. Replacing an employee can cost up to twice Their annual salaries, not to mention the overtime and low morale faced by the colleagues they left behind. All in all, this means a lot for a note containing six brief words: Thank you for a great job.
