Money is not the key to employee engagement

Date: 05/10/2010

Money is no longer the key factor when it comes to staff engagement and employee motivation, it has been claimed.

According to the Chartered Management Institute (CMI), cash is not as central to staff retention as many employers think.

Mike Petrook, spokesperson for the CMI, said: "Given the current climate, it's time that businesses grew up a little bit; they cannot think - and indeed many don't, now - that it is OK to reward people with pay rise after pay rise."

His comments suggest that other methods, such as the introduction of sales incentive programmes, could help to raise morale in these financially-difficult times.

Mr Petrook said: "There needs to be much more recognition of the need to engage your staff."

He claimed that this was critical to business success.

However, a recent study from PricewaterhouseCoopers showed that almost a quarter of employees were looking for another job because of insufficient pay in their current role.

Written by Peter Chad

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