More than three-quarters of employers (76%) say pay helps to motivate staff, according to the exclusive Employee Benefits/Lorica 100 Club research, published in June 2014.
But they do not consider it to be the main motivator, with only 22% of 55 respondents who answered this question claiming this to be the case in their organisation.
Just 2% of respondents do not believe pay motivates their workforce.
Encouragingly, 64% of 35 respondents measure the extent to which their pay package motivates their staff. Of these, 69% use external staff surveys managed by a third-party provider to make their assessment.
Internal staff surveys and anecdotal evidence were the joint second most popular tools for measuring the impact of pay on the 35 respondents’ workforces (40%), with just 29% using employee focus groups.
The research is based on responses from 60 members of Employee Benefits’ Hot 100 lists from 2012, 2013 and 2014, which collectively make up the 100 Club network.
The Hot 100 comprises the movers and shakers in the benefits industry who have made our headlines, contributed to feature articles, were awards judges and winners, or event speakers during the previous year.