More to staff retention than pay hikes, says expert

An expert has suggested that British companies often find themselves struggling to hang on to employees, but claimed money is no longer the sole motivating factor behind their failure to retain workers.

Chartered Management Institute spokesman Mike Petrook pointed out that an increasing number of individuals are transferring between different teams at the same firm, suggesting the balance of workplace relations has shifted somewhat.

"That says an awful lot about two things: the first is levels of employee engagement within an organisation and secondly, the way people are being managed," he said. "Money is not the main motivator anymore."

Mr Petrook added that some businesses "need to grow up" and look for solutions beyond simply throwing money at employees, such as flexible working and additional job development.

Bosses looking to improve staff morale and foster stronger relationships could benefit from attending the Employee Wellbeing Forum 2010 in London later this month.

Posted by Ross George