Salary top reason employees will resign in 2018

 

Data released by Glassdoor reveals that 45% of recruiters and hiring managers expect more employees to quit over the next 12 months. The survey, conducted among 250 ‘hiring decision makers’ (those in recruitment, HR and responsible for hiring) in the UK, also finds that three in ten (31%) note that salary is the top reason for employees changing jobs, followed by type of work, career advancement opportunities, then benefits.

While seven in ten (71%) of those surveyed believe their organisation is satisfactory/very satisfactory at clearly setting pay and benefit expectations within job postings, salary ranges are still an enigma: Glassdoor data shows fewer than one in 10 online job listings include pay data in the job description2. More than two in five (45%) of hiring decision makers say retention rates would increase significantly if new hires were better informed during the hiring process.

In addition, a separate Glassdoor survey from 2017 shows that nearly all (98 percent) job seekers and employees say it would be helpful to see pay ranges included in open job listings.

“Pay can be a big motivator for employees to take a job, however, very few job listings actually include pay information, even if this is overwhelmingly what job seekers want. If candidates were better informed about how their pay and career could progress during the initial job search and recruiting process, they would be less likely to take a job that turns out to be a bad fit, said Carmel Galvin, Chief Human Resources Officer at Glassdoor. “Recruiters and hiring managers need to manage expectations and use all channels available to them to communicate with potential candidates to ensure pay realities meet expectations. It shouldn’t be a battle for job seekers to gain insights into salaries, benefits, culture and what their career path might look like in a job.”

One third (35%) of hiring decision makers note salary and compensation is the most influential factor for a candidates’ decision on where to work. Pay offers from rival firms are a significant consideration for employers – 70% noted competing offers were a major challenge in attracting and hiring informed candidates.

 

Thursday, 11 January 2018

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