Good pay no substitute for Exec’s job satisfaction

Posted on Tuesday, August 8th, 2006 by

The best pay rates in three years are still not enough to keep hold of managers and execs according to a study by the Chartered Management Institute. Their survey of 22,480 individuals found that resignation rates had increased despite an average rise of 5.7% in earnings – a clear sign that organisations are failing to address issues such as lack of development and training opportunities according to Chapple Director, Suzannah Chapple. More than half of the organisations surveyed reported retention problems and six out of ten admitted difficulty recruiting. “That financial rewards are no longer enough to keep managers happy is a strong indicator that employers need to do more,” she says. “Training, providing job security and making the corporate environment more user-friendly are all ways to stem the flow of lost talent. Offering bonuses as band-aids is no substitute for providing true job satisfaction.”