Employee loyalty cannot be bought

Only ten per cent of people* say financial reward is their main concern when looking for a job, according to survey findings released today by global HR consultancy BlessingWhite.

Whilst many organisations still use money to attract and retain staff, the majority of respondents cite interesting (38 per cent) and meaningful (17 per cent) work as the most important criteria when choosing their next position.

In line with previous BlessingWhite studies, this is the third consecutive year that employees have stated a higher salary base, or larger bonus potential, is not their top priority. The research is carried out across a range of industries and targets a number of job functions including human resources, marketing, IT, customer service, finance and production.

BlessingWhite's research found a potential employee's top five criteria when choosing a new job are as follows:

1. Interesting work (work that challenges me, stimulates my intellect, or helps me broaden my knowledge or skills) 38%

2. Meaningful work (work that satisfies my personal values or contributes to the larger community) 17%

3. Work/life balance (a job that fits my lifestyle) 15%

4. Financial reward (a higher base salary or larger bonus potential) 10%

5. Opportunity for promotion (a move up the career ladder to a more senior position) 7%

Commenting on the results, Tom Barry, managing director of BlessingWhite Europe said: These results show that you simply cannot buy loyalty. Employees consistently tell us that money is not what drives them so why do organisations still rely so heavily on financial rewards to inspire and hold on to valued staff? Perhaps they feel it's the easier option.

But the key is to encourage individuals to take responsibility for their own career. Only they will know what constitutes interesting and meaningful work. By tapping into these values organisations can save themselves a great deal of money and still retain their key players.

After reviewing the results Fiona Murtagh, Lloyds TSB Wholesale & International Banking, said: I find these statistics quite fascinating. The sector we work in widely rewards and incentivises through financial bonuses, but people still frequently move from organisation to organisation, so it doesn't guarantee loyalty. Taking on board the BlessingWhite findings there is definitely cause to investigate further what motivates our staff.

* Figures relate to 153 European respondents from a global sample of 976