Friday, March 14, 2008

2008 Job Satisfaction & Retention Survey

More than half of employees surveyed report that they are likely to intensify their job search in the next three months. Amid the chaos, opportunities appear for those who are prepared to take advantage of them.

More than 7,000 employees and 200 company representatives participated in Salary.com's third annual Job Satisfaction and Retention Survey. A press release is available for review.

Money Talks

The five most common reasons for leaving a job according to employees who completed the survey are the following:

  1. inadequate compensation | 27%
  2. lack of career advancement | 19%
  3. insufficient recognition | 17%
  4. boredom | 11%
  5. no professional development | 11%

". . . compensation may be a key factor as to why employees would consider leaving a job but it's not the top reason they stay in their current job," according to Bill Coleman, a Salary.com spokesperson.

So, why stay? Here are the top five reasons:

  1. relationship with co-workers | 25%
  2. relationship with manager | 25%
  3. desirable work hours | 22%
  4. attractive compensation | 20%
  5. attractive benefits | 20%

Employee Walks

At least an 8% pay increase is needed to entice most employees to change employers.

When an employee does walk out the door, it costs an employer an average of $21,000 in replacement costs.

Employers seem to understand the cost of turnover. Counteroffers, when made, average 7% above current salary. This finding is interesting given that most annual pay increases average half that percentage and many workers receive no annual pay increase at all!

How likely is an employer to counteroffer?

A more detailed summary (pdf) of Salary.com findings is available for review.

Opportunity Knocks

Here are three strategies workers might consider to leverage these findings:

Salary.com is headquartered in Waltham, MA. Their website currently features 23 job vacancies.



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