Financial reward in the workplace is the main motivation for as few as 28 per cent of the British workforce, according to a recent poll by recruitment specialist Brook Street.

The survey, which is based on the answers from an online questionnaire, shows that 16 per cent of those surveyed are motivated by a challenge and a massive 37 per cent are motivated by job satisfaction. A total of 12 per cent stated that their key motivation at work is getting praise from their boss. Interestingly, only seven per cent of people are motivated by having responsibility.

Erika Bannerman, Brook Street sales and marketing director, says: ‘With so many people motivated by job satisfaction it suggests that employers should look at attracting employees by other methods than just financial rewards.

‘Employers could improve their recruitment and retention by offering individuals development, training and opportunities for career progression. Regular appraisals can also help to motivate with clear ,achievable objectives being set and career progression plans outlined.’

Many small business owners cite personal job satisfaction as their main motivation for starting up their own company. In an effort to extend this to their employees, SME owners and managers should look at their approach to staff development and ongoing training.

Read our guide to induction and training.

Find out how to retain staff here.

See also: Health and safety tops SME costs