nitiate effective intrinsic and extrinsic programmes for staff retention. In Executive life, monetary incentives should not be underestimated as Hammond (1988) states, “ they buy the goods and services to satisfy other needs”. In the fast lane of Executive life, individual’s success is often judged in monetary terms. Motivational ideas play a large part in commitment and managers must recognise this whilst implementing successful practical strategies. Despite conventional theory that intrinsic motivation increased Hawthorne plant output, Smith (1992) states “ that money increased worker commitment/output as the plant pay structure was altered before the experiment.” Jameson (Times 2001) states “Poor Managerial pay, practices and low morale have lead to a mass exodus of key Railtrack staff”. Understanding theory helps managers attract and retain valuable staff. Successful managers will develop a psychological contract with key staff to understand employee’s needs in relation to company policy. With Extrinsic/Intrinsic factors successfully combined, then according to Tyson (1996) “increased performance will result in greater employment stability, being a win win situation for employees and employers”.1998 words ...
