A survey of employees in 171 U.S. companies showed that almost 40% say money is not a factor in their decision to leave one company for another. The study was conducted by Coopers & Lybrand LLP, New York. While 63% of the employees surveyed gave obtaining a higher salary as one of the reasons for resigning, relocating (47%) and lack of career advancement (39%) also ranked high. "Most people feel comfortable saying they are leaving for better pay, but in many cases, the real reason is more profound," says Carl Weinberg, a partner with Coopers & Lybrand LLP. "To improve employee retention and avoid the high costs associated with new hires and training, employers need to identify the root causes of turnover."
On average, the companies in the survey reported taking 11 weeks to fill an executive-level position, and four to six weeks to fill a middle management or non-exempt position.