Employees seek appreciation, rather than money

Competition

Most employees are not quitting their jobs for financial reasons, according to research conducted last year. Companies lose on average 11-14% of revenues if they cannot keep their employees, according to figures compiled by the National Human Resource Management Association (OHE).

OHE President Ildikó Szűts told business daily Világgazdaság that companies are tending to struggle with either insufficient labor force, or with workers without the necessary qualifications or experience. The most acute shortage is for mechanical engineers, welders and electricians. Finding people in these categories often requires 3-6 months and costs million of forints, Szűts said.

According to research by OHE last year, 80% of employees do not quit because of money. In most cases, reasons include conflict with superiors, lack of trust, insufficient information flow within the company, or a lack of proper procedures.

While the importance of higher wages cannot be overstated, many employees only want appreciation of their work, and moral and financial acknowledgment if they do it well. Cooperation and a good relationship with superiors are also essential for worker satisfaction, as well as clear rules for work and attributions, Szűts added.

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