According to respondents, the top three retention incentives are:
- Promotion/job advancement (53 percent)
- Increased compensation (39 percent)
- Other financial incentives (34 percent)
- Boosting employee support and recognition from managers (30 percent)
So here's what you should take away from this survey: Money is not the most important thing to a majority of workers in the nation. Also, with employee support and recognition nipping at compensation's heels, non-financial retention tactics seem to be pulling into the lead.
As more Generation Y workers join the workforce and more baby boomers retire, there has been a paradigm shift in the workplace. Generation Y is motivated more by opportunity, recognition, and flexibility than any other generation. While pay increases are never a negative, these other methods are zero cost ways to keep your staff productive, happy, and retained.
