Promotion is often more important than salary in securing staff loyalty to a company, according to a survey by employment agency Manpower, and as a UK investment in people it is hard to beat.

The survey – conducted amongst 800 workers and 1,700 bosses around the UK – found the main reason why people switch companies is career advancement, followed by the chance to work more flexible hours.

From the employers’ point of view, holding on to talented staff and maximising their UK investment in people is the most pressing issue for human resource departments.

Of those employees leaving their present employer, 28% said that promotion was the primary reason for switching, 22% said they were going for more flexible working conditions and only 17% said that more money was their prime motivation.

Retaining staff was the biggest concern of employers, with 72% of respondents citing this as a priority in maximising their UK investment in their staff, while adhering to the demands of new employment legislation was another big worry with 71% concerned about this.

Mark Cahill, Manpower’s managing director, said: “The range of human resources priorities and concerns facing employers emphasises the challenges of running a business and in particular of managing the most important asset an organisation has – its people.”