Beyond Compensation and Rewards: Good Working Relationships

compensation and rewards

We have a different set of work values today compared to previous times. In the past, most employees highly value good compensation plans over additional incentives that they could receive from work. These days, however, many youngsters resonate more with feeling like they are part of a team. The most impactful workplace motivator for them would be to have a sense of purpose compared to receiving high compensation and rewards. One of the best ways to give people a sense of “beyond compensation and rewards” experience is through good working relationships. 

How Does Good Working Relationships Impact A Good Employee Experience?

When people have good relationships with your coworkers, work becomes pleasant. And when employees feel like they are working with friends or people they get along with, it encourages them to deliver high performances. That’s just the basic idea of how good working relationships can impact people’s work. Below, we’ll briefly discuss some of the more specific effects of peer relationships on your employees:

1. Fulfillment Of Social Needs

By nature, we like to socialize with people. With that, it goes without saying that if we don’t have good relationships with the people we work with, even if we started off loving our jobs, there will come a time when we just drag our feets just to get to the workplace. 

If someone works for you full time, that means that he will be spending most of his time with his coworkers in contrast to his friends or family. Now, if your employees don’t enjoy their time at work with their coworkers, the time will come when he’ll decide to look for another job where he can enjoy the working environment. 

Meanwhile, if employees get along so well, not only will you encourage your employees to stay in your company for the long haul, but at the same time, you will also entice them to do their best work. 

2. Professional Growth

A regular workplace functions differently from a workplace where everyone is friends or treats each other like family. 

If everyone gets along, they tend to feed each other new information that helps each other grow in a professional level. 

Let’s say that Mark and Nelo are close associates. So, when they work together and Nelo notices something negative in how Mark accomplishes his work, Nelo won’t have trouble being frank about it. And in turn, Mark won’t take it personally because he considered Nelo as one of his close friends. 

With that, you create a sort of feedback loop where people learn about their weaknesses and will become motivated to perform better, also with the help and goading of their coworkers. 

Here is another example where good working relationships can contribute to professional growth. 

Usually employees like to go on quick courses or seminars to brush up their skills but most of them don’t push through with their plans. As we mentioned in item number 1, we are naturally social creatures. With that, we are more motivated to attend certain events if we have a friend or companion to share the experience with.

In the workplace, there are lots of opportunities for workers to attend certain learning events together. Since this is a group arrangement, people are most likely to want to attend because it is a common perception that if there are many of you who are going to attend then the experience will be fun. They will see it as a bonding experience rather than an obligation to learn. 

3. Emotional Support

The world of business is about winning and losing. When an employee does not have a deep connection with his coworkers, he feels like a failure if he is unable to meet a milestone. This is because his main focus will be on achieving or accomplishing a certain task. 

Meanwhile, if you nourish a working environment where meaningful relationships are prevalent, there is a sense of friendship within the group. Your employees know that they are on a certain mission. 

Therefore, the focal point is in achieving the main goal of a certain department or group. When they go through losses, they know that it is just part of the process and that not all hope is lost. 

At the same time, when the people working together are close friends, they tend to provide each other emotional support. 

So when someone was not able to achieve exemplary work as expected, his coworkers would give him encouragement and motivation to do better next time. 

It might seem that emotional support isn’t directly related to the performance of your company but if you think about it, if employees don’t have this kind of emotional support from their coworkers, they would easily get turned down or discouraged from what they do. 

As a result, they would no longer have much interest in their work as before. In the long haul, the decline in motivation will show in the performance of their work. 

The baseline here is this: people who feel supported emotionally will always perform better than the unsupported group. 

How Can Your Employees Have Good Working Relationships With One Another?

We now know how good working relationships can have a massive impact on meaningful work. But what can companies do to initiate this kind of flow within the workplace?

  • You need to place a high emphasis on employee satisfaction

Unless people are happy with their work and what they are getting out of it, they will remain to be competitive with one another instead of being friendly

  • Encourage informal communication

This does not mean that your employees will go around cursing at one another. What this means is that they have the freedom to talk to each other the way they do with their own circle of friends. Friendship won’t be possible in the office if everyone is too formal and conservative.

  • Encourage company outings

Most people do this but there are very few that considers the perspective of employees in terms of the kind of company outing that they will organize. When it comes to the activities and venue, we highly recommend that you conduct a meeting wherein the entire team is included. This creates excitement. At the same time, you will also learn which venues will encourage real bonding with your employees. 

One of the most crucial aspects of business management is retaining employees. If you want to retain your best talents, it is important to think beyond employee compensation and rewards. You can give your employees a good salary paired with excellent incentives but if they aren’t having a good time at work, you can kiss your employees goodbye. 

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