Many small business owners won’t be surprised to hear that money is not the main motivating factor for employees to remain loyal to their place of work.

The Chartered Management Institute (CMI) says that the ability to work flexibly and the opportunity to develop skills are a more important consideration. If this is the case, perhaps we will see an increase in people starting up their own ventures?

CMI spokesman Mike Petrook says: “Given the current economic climate, it’s time businesses grew up a little bit; they cannot think – and indeed many don’t, now – that it is okay to reward people with pay rise after pay rise.”

Instead they must: “…concentrate on building remuneration packages that incorporate the earnings – the take-home pay – with things like development opportunities and flexible approaches to work,” he adds.

For anyone currently employing members of staff, this is certainly food for thought. Accommodating staff development and flexible working opportunities within a workplace certainly creates a happier, and quite possibly, more productive workforce.

However, I’m not sure we can totally write off the importance of a fair wage just yet!

Indeed, recent research from PricewaterhouseCoopers showed that almost a quarter of employees were looking for another job due to pay issues.

Ultimately, people want the best of all worlds which is why so many people choose to start their own businesses and work on their own terms.

As an online accountancy service which caters for SME’s, we can vouch for the fact that people are increasingly following their dreams and going it alone.