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Incentives bring loyalty, says survey

07 Jun 2008

Incentives bring loyalty, says survey New research has found that organisations can improve their staff retention by offering non-monetary incentives, it has been reported.

A Gfk NOP survey found staff at companies that offer recognition for hard work through forms of non-monetary perks are less likely (25 per cent) to move firms within one year, compared to 44 per cent who look to leave within 12 months at organisations that do not offer such benefits.

The market researcher's study also revealed nine out of ten employees respond favourably to development opportunities while 87 per cent to non-monetary rewards and nearly three-quarters to "being thanked", according to the Recruiter Magazine..

Sukhi Ghatore, associate director for the researcher's business division, told the publication: "It's well documented that non-monetary reward is an important motivator for staff, but the affect on employee retention of failing to embrace such recognition is quite startling."

He added that firms in the UK would risk losing staff if they did not offer a formal thank you.

Students who are looking for temporary work during the summer could be interested to hear that some employers reward their staff with additional benefits such as gym memberships, health insurance and regular social events.

Meanwhile, the Institute of Employment Studies revealed last month that offering staff flexible perks is a tax-efficient way to reward them without having to use payment.

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