Knowledge
workers place more importance on challenging tasks, good work-life balance and
job security than they do on annual pay rises.
A new
survey has found that staff in r&d technology firms are more motivated by
an improved quality of working life than by financial reward.
In a ranking
of 24 of the most important work-related features, monetary rewards was in seventh
place. Only 13 per cent of respondents believe that pay increases improved
their performance.
Other
financial incentives on the list, including performance bonuses, company
shares, group bonuses and cash awards were rated as important by only 5 per cent
of those questioned.
The three
most important factors were working in challenging assignments (38 per cent)
work-life balance (37 per cent) and job security with (33 per cent).
David
Arkless, VP of recruitment firm Manpower which commissioned the survey said
that identifying the causes of improved performance was crucial to businesses.
“Where
weaknesses are identified, management’s first task is to implement that change
necessary to maintain the right levels of innovation and knowledge,” he said.
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The
research, which was conducted jointly by consultants Empower and Templeton College,
Oxford surveyed six r&d firms in the IT, software, electronics and
pharmaceutical sectors.
