Salary, bonuses and perks although significant are not the overriding factors that keep employees from scouring the job ads. It is much better to create an environment in which people are happy to stay. To achieve this, understanding what motivates staff is the key. Balances should be reached between the goals of the individual and the needs of the business. For example staff should be given a mix of interesting work alongside the dull.
Training is seen as expensive and a way of making their employees attractive to others.
The risks involved, when weighed against the benefits, often mean that retraining is overlooked in favor of recruiting externally. However, the recruitment costs of staff time before and after the hire and direct expenses compare favorably against staff development costs. Increasing numbers of organizations are considering retention bonuses to head off potential resignations or to encourage people to delay their decision to leave, said a study by the Institute for Employment Studies. Bonus retention schemes are normally based on an increasing percentage of the basic salary. An example of a bonus scheme is listed below.