How important is money in evaluating your job?

There's no denying that a supportive boss, an attractive office or warm camaraderie can help boost the morale of employees, but work environment is not the lone factor that keeps people in their current jobs.

There are tons of reasons that inspire people to keep going. The bottom line, however, is that many of them work for money. It is money that pays the rent, puts food on the table, sends children to school and takes one to new, exciting places.

In the UAE, home to about three million expatriates, many of whom are the sole breadwinners in their families, an overwhelming majority is hoping for a salary adjustment. A huge portion is also planning to quit their jobs this year as they feel they won't get promoted.

A recent research by Regus indicates that pay rise tops the wish list of 67 per cent of workers in the UAE, while 47 per cent say they might change jobs after the summer, citing that the next rung in the career ladder seems out of reach.

Hazel Jackson, CEO of biz-group, a corporate training, teambuilding and business strategy consultancy, said most global human resource surveys show money as the fifth or sixth reason for why people change jobs.

"But I do believe that in the UAE, it has a higher importance as many workers are away from home for the very purpose of making and saving money. Many employees are also supporting families back in their hometowns," Jackson told Gulf News.

At the height of the economic downturn, companies the world over held back bonuses, wage adjustments and other job perks. However, as the economy starts to show signs of life, employees are now weighing their options, with many expected to shift to organisations with better offers.

"As workers pack up their swimsuits and towels after the holidays, they are more likely to dwell on the pros and cons of the job that is waiting for them at home," said Mark Dixon, CEO of Regus, in a press statement.

"With reports indicating that one of the effects of the recovery is that many more employees have started quitting their jobs and looking around for new ones, businesses that are not providing all the trimmings may be heading for a brain-drain of their best talent," he added.

Christo Daniels, managing director of iQselection Dubai, agreed that financial reward remains one of the single biggest drivers for changing jobs in the UAE, though he pointed out that the impact of promotions and pay rises are not always mutually inclusive.

"Employers remain reactive in their approach to remuneration and it is often too late for an employer to buy back an employee at resignation stage. Some companies have not implemented salary rises since January 2008, which can give employees the impression that they work for a static business that doesn't necessarily value its workforce," Daniels told Gulf News.

Other industry analysts, however, tend to disagree. Michael Burchell, director and partner of Great Place to Work Institute UAE, said salary does play a significant role in job hopping, but other factors come to play as well.

He said that even if an employee is paid really well but hates coming to office because it is a lousy workplace, he is more likely to run for the exit and hop on the next opportunity—even if it only pays marginally more.

"Dubai and the UAE in general were in a super heated job market bubble for several years wherein inflated salaries to attract talent gave way to the perception that salary is the determining factor for employee loyalty."

"Now that the job market has cooled somewhat, other factors that are more typical in impacting employee commitment and loyalty are playing a larger role," Burchell said.

However, the payoff of providing financial rewards to deserving and qualified staff is still worth the investment.

"If pay is linked to performance and the company has a fair and transparent performance management system, it can be a very good investment. Unfortunately, not all companies manage this process well. Employees often perceive biased rewards, promotions and bonuses. However, when you get it right, then you'll get 110 per cent out of your team. That's the return on investment," Jackson pointed out.

Top 5 reasons for UAE professionals to quit their job this year

What do you think is the main motivating factor in any job? What can employers do to retain their staff? Do you know anyone who quit their job recently?