When’s the last time you got a raise or a bonus? When’s the last time your employees’ got either of those things? And why should it matter since it’s well-documented that money isn’t the most important thing people want out of a job?

If that last question gave you pause, you probably aren’t the only one. I’m always curious when the latest, greatest study comes out that promises us that people don’t work just for the sake of money. That may be somewhat true, but I don’t know of many folks who would be willing to give it up. My job is so challenging and fulfilling and just plain fun that I’d keep doing it even if they stopped giving me a paycheck every two weeks!

I don’t think so.

As long as people have financial commitments (bills, debt, goals, mortgages, college loans, living expenses, mouths to feed, etc.) they will need to work for money. Certainly there are some individuals who don’t have those kinds of commitments or have some other method of getting the funds to pay for them. You know, people who are financially independent (think Bill Gates and his type), those who have a spouse or parent who supports them, those who’ve won the lottery. I personally know a handful of people who work paying jobs even though they don’t need the money, but they are definitely the exception, not the norm.

So back to the rest of us. My experience is that while money is without a doubt one reason people work, for the vast majority it’s not the only reason. I’ve observed that most individuals have around three to four things they’re looking to get out of a job in addition to a paycheck. Things like:

• Challenge
• Learning opportunities
• Relationships
• Appreciation
• Accomplishment
• Helping others
• Power
• Risk
• Creative outlet
• Autonomy
• Fun
• Sense of belonging
• Stability
• Security
• Fame
• Excitement
• Advancement opportunities

And while money is almost always somewhere on the list, it may or may not be No. 1. More importantly, the other items usually paint a full picture of what an individual needs to stay satisfied, engaged, and motivated. It also points out what the company needs to provide to retain them.

There’s a reason why this topic is particularly relevant today. Over the past several years, compensation increases have been minimal to non-existent for lots of employees. Companies struggling to stay afloat or looking at meager profits haven’t been able to hand out raises or bonuses; in fact, salary freezes and pay cuts have been pretty standard in plenty of industries. At the same time, the financial commitments of these employees are still there and have probably even increased. When that’s the case, we need to realize that we may no longer be providing one of top things our people are working for.

Will they leave us because of this? Probably not, at least not while their options are still limited by slow job growth in most industries. But I really don’t think you want to settle for hanging onto dissatisfied people just because they can’t find anything better. So here’s the question every manager needs to be asking about his or her direct reports: What else is this person working for? What other things are on the list? And what am I doing to make sure we provide for those things?

Because the only thing worse than having a great employee leave is having an unhappy one stick around.

How does this fit with your own experiences? What’s on your list of things you want to get out of a job? And where does money fit in that equation?