‘Huge salaries don’t matter’

05/06/2008

High salaries do not guarantee a happy workforce, new research has suggested.

In fact, the fifth annual Happiness Index revealed that an interest in your job is now deemed to be the most important factor in job satisfaction.

Just 40% said they stay in their job as a direct result of their salary, compared to six in 10 who said they have remained with their present employer because they have an interest in what they do.

Another 60% added that they stay because they have a good relationship with their colleagues, while half said they ‘appreciate’ their work/life balance, and one in three registered their happiness level at 10 out of 10.

City & Guilds, who published the report, said employers’ incentive offerings are out of touch. While more than 40% offer bonuses, just one in five are adopting flexible working practices, and one in 10 allow their employees to work from home.

Bob Coates, the organisation’s managing director, said employers cannot afford to ignore employees’ changing attitudes.

“Businesses can no longer rely on those established reward and recognition policies that fail to resonate with employees and do little to combat stress levels in the workplace,” he said.

“By taking such a blinkered approach, they risk the rise of an unmotivated and unproductive workforce, and even potentially losing their staff to competitors.”