Employees want to be paid fairly and competitively. But there are some proven, non-financial retention strategies that continually top the list. At Dell you work with the best. People come because they want to be challenged . According to McKinnon, money has worked for a very long time, but at some point it has to be more than a great place to make money.
Many companies believe paying techies more helps curb turnover.
But a surprising study shows higher pay may not be the answer. In fact, according to the survey of 27,000 workers at 180 employers in all industries, the turnover rate in their information-technology department was higher on average by those with the higher salaries. Lack of career development opportunities is cited as a top reason . Today people are less and less interested in money and more interested in opportunities to learn and grow , says Judy Streeter, senior vice president of human resources for the North American Lodging Operations for Marriott International. In the long run, providing employees with the latest in learning opportunities may indeed raise their market value.