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More money won’t guarantee that staff will stay

More money won’t guarantee that staff will stay

Drake International has warned employers that with unemployment pre­dicted to fall this year, there is a growing risk of higher staff turnover, and, according to Drake International's…

Drake International has warned employers that with unemployment pre­dicted to fall this year, there is a growing risk of higher staff turnover, and, according to Drake International's strategic manager, David Edwards, simply increasing salaries will not alleviate this risk.

"With almost half of all employers reporting they are struggling to fill skilled vacancies, staff retention is a key issue and simply providing salary increases is not the answer to retain staff," Edwards says.

The survey, released this month, revealed that 80 per cent of employ­ees feel that challenging and satisfying work is a very important factor when considering staying with their employer. Those surveyed also said a bet­ter work life balance and improved leadership and management would in­fluence them to stay with their employer. In comparison, an increased salary was rated as an important motivator by a much lower number of respon­dents, with only 57 per cent rating it as a major influence.

Increased career development opportunities and increased learn­ing and development opportuni­ties were also listed as influencing factors - above an increase in salary.

"Salary increases are generally not the solution to staff turnover," says Edwards. "While staff will leave if they are not paid a fair wage, in­creasing salary alone is not the an­swer to improving staff retention and can result in a competitive wage spi­ral which is not sustainable."

Emphasising the importance of improving employee engagement to assist with staff retention, Edwards warns: "Not only are disengaged employees twice as likely to leave their employer as engaged employ­ees, but they are also more prone to absenteeism and significantly more likely to have dissatisfied clients."

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More money won’t guarantee that staff will stay
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