Love of the job and a decent work/life balance are more important to staff than how much they earn, according to a survey by City & Guilds.

A majority (57%) said they remained with their present company because they had a strong interest in what they did compared to 44% who said they were in it for the money.

"Companies can no longer rely on established reward-and-recognition policies that fail to resonate with employees," said Bob Coates, managing director of City & Guilds.

"By taking such a blinkered approach, they risk the rise of an unmotivated and unproductive workforce, and even potentially losing their staff to competitors."

The survey added that beauty therapists and hairdressers were the most satisfied with their jobs while bankers and builders were the least happy.