The UK workforce is among the least motivated in the world’s leading economies, according to a new study. Only six in 10 workers were highly motivated – with pay and compensation playing a key role in this.

Source: Korn Ferry

Knowing how a company’s turnover rate compares to its competitors can help it stay ahead, retain valuable employees, and understand the costs of failing to retain talent. It can also show leaders how to increase the motivation of their remaining employees – and increase productivity in the process.

According to a new study from Korn Ferry, this is a finding that many British bosses in particular could benefit from. A survey of 10,000 employees worldwide found that the British workforce lags far behind other countries when it comes to motivation in the workplace.

On average, 71% of employees were motivated to “work beyond their duties”. India was the top performer at 84%, the UAE and Saudi Arabia at 78% and the US at 75%. However, only 60% of UK respondents said the same – suggesting that managers need to take stock of how their offerings can improve employee engagement and, ultimately, their bottom lines.

Source: Korn Ferry

Korn Ferry studied employee values ​​to see how employers can achieve this. The company found that there are striking parallels in the reasons people stay in a job or leave it. When it comes to reasons for staying in a job, “generous compensation” was by far the most important criterion – cited by 37%. This put its closest rivals ahead of “flexible work hours” at 30% of respondents and “high job security” at 28%.

This was further highlighted when Korn Ferry asked its employees why they would leave their jobs. While 28% pointed to opportunities for advancement and 27% said a lack of security would make them look for new challenges, 42% said “low compensation” would make them leave. This suggests that if employers want to make the most of their talent – especially after an inflation crisis that has decimated their purchasing power – they need to think about pay increases.

Daren Kemp, Korn Ferry’s EMEA head of financial services, said of the findings: “Jobs are no longer a simple equation and this may remain the case for many years to come. There is no certainty other than uncertainty and so building trust is even more difficult as business leaders grapple with their visions for the future… More needs to be done if the UK is to continue to compete for the best talent.”