Best Employee Management Feature 2008
With the economy in the doldrums, it is easy for staff to fall into the same trap as they reassess their career situation. But, as Louise Druce finds out, it's not always money that will make them stay.
They say money talks and not many people would refuse that kind of conversation when times are hard. But if you want to keep demotivated staff buoyed up in an effort not to lose them during the economic downturn, you'll need to dig deeper than the company coffers.
That's not to say that cash isn't important. If people feel their firm has a disproportionate and unfair pay structure, it might tempt them elsewhere if the price is right for the same role. However, research suggests career development and progression is a more attractive reason to stay put, especially amongst the so-called generation Y.