Few executives change jobs over money

March 4, 2006 at 6:42 PM

LOS ANGELES, March 4 (UPI) -- Four in 10 executives say the one thing organizations could do to retain talent is empower employees to make decisions, an executive search firm reports.

Thirty-two percent of the executives said they were looking for more opportunities for advancement and career development, while 16 percent said they better work/life quality would help retain employees. Only 6 percent of respondents said they wanted more compensation, the Executive Quiz from the executive search firm Korn/Ferry International found.

"Executives don't leave jobs for better money, they leave jobs for better opportunities," said Jack MacPhail, managing director, Americas for Leadership Development Solutions at Korn/Ferry International.

"Formalizing talent management processes and placing more emphasis on identifying and developing top performers are essential steps in retaining talent," said MacPhail. "Effective leadership is often the difference between organizational success and failure."

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