Why Doesn’t Highest Paid CEO, Zuckerberg, Quit?

The news is out. The highest paid CEO is Mark Zuckerberg. You can read the link to understand how he earned more than $2 billion

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OK, my guess is that most people reading this are saying, “If I made $2 billion, I’d quit.” But why doesn’t Zuckerberg quit? Why do Google’s founders still work – even as the stock just topped $1000? What about Bill Gates? He left Microsoft and became busier than ever with his foundation.

The reason is that people need money to live – but are not motivated by it to work. Even in trying to recruit and retain people, few executives leave for the money. Even middle managers, administrative assistants, and others are not attached to their jobs for money.

They are attached to their jobs for purpose. I have often said, “Money can rent loyalty, but it can’t buy it.” If money is the reason employees stay at your company, you’ll only keep them until someone else makes a higher offer.

And yet, many leaders hear “reward” and automatically jump to money. But the truth is, money is the most expensive and least motivating currency circulating in the 21st century workplace.

In my sixth year as a CEO, I’m not naïve. How employees are paid certainly influences how they behave. But how much, and in what ways? In other words, you want to pay employees enough so that money is their least concern at the workplace — but to motivate, reward and celebrate them, the buck (literally) stops elsewhere.

The thing that really matters is purpose, not money. This is why purpose, or a mission statement, is so important to any company. Facebook’s mission statement was revealed in its IPO filing when Zuckerberg wrote, “Facebook was not originally created to be a company. It was built to accomplish a social mission - to make the world more open and connected.”

The bottom line is that Zuckerberg will never finish this mission in his lifetime. Just as the Gates Foundation says on its website, “Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty.” Bill and Melinda Gates will not eradicate all disease in their lifetime. Their life’s work will never end.

Or think about Google’s mission, “Google’s mission is to organize the world’s information and make it universally accessible and useful.”

When you think about great companies, foundations – or any organization – it is driven by purpose. And, purpose trumps money every time.

So, Zuckerberg will not be quitting. And, getting any employee to leave a company where they have a deep sense of purpose is almost impossible. In leading this largest talent management firm, all of my colleagues and I know this first hand.

The Beatles said it best: “Money Can’t Buy Me Love.”