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:
- inadequate compensation | 27%
- lack of career advancement | 19%
- insufficient recognition | 17%
- boredom | 11%
- 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:
- relationship with co-workers | 25%
- relationship with manager | 25%
- desirable work hours | 22%
- attractive compensation | 20%
- 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?
- almost always | 14%
- sometimes | 51%
- never | 35%
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:
- If you are currently employed and like your work and employer, keep your eye on internal openings that might be created when a co-worker leaves for greener pastures. Make key decision makers aware of your willingness to take on additional responsibility.
- Initiate a dialog with your supervisor during your next performance review (or sooner) to discuss non-compensation issues -- career advancement, recognition, and professional development.
- If you are currently seeking greener pastures initiate a conversation about these non-compensation topics to learn more about how green this new pasture might really be.
Salary.com is headquartered in Waltham, MA. Their website currently features 23 job vacancies.
