Dive Brief:

• Most workers in a Comet survey (66%) considered leaving their jobs, but only about 18% reported feeling dissatisfied with their job. Money was found to be a major cause of dissatisfaction among the unhappiest workers in several industries, including the hotel, food services and hospitality industries. Industries with the fewest dissatisfied workers include those in construction, government and public administration, and finance and insurance.
• Technology workers were the fifth most unhappy workers in the survey. In an analysis of the data, Comet said the findings may indicate many tech workers — particularly outside of Silicon Valley — don't work in roles that fit the "best places to work" reputation for which the industry is known. Technology also placed as the industry with the highest percentage of employees who had considered quitting their jobs.
• Asked why they stayed with their current position, the majority of men and women in the survey indicated job security as a determining factor. Over half of men (51%) also cited "personal expertise" as a factor. When asked what would make them leave, respondents' top two choices were "new opportunity" and "low salary/pay cut."

Dive Insight:

The old adage is that money talks, and in today's candidates' market, hiring managers are likely to think of better salary offers as the first move when the right talent presents itself. Looking at recent data on the subject, this may be a good instinct. A June 2018 OfficeTeam survey revealed that a sizable 44% of workers would leave their current role for better pay elsewhere, the highest percentage in the survey well ahead of other measure factors, including "higher purpose/stronger mission" and "feeling unappreciated."

But the reality is that when looking across the economy, wages haven't gone up significantly for the majority of workers. Leading companies made news shortly after passage of the latest Congressional tax bill for varying commitments to raise wages, bonuses and other compensation forms to address this issue. Even so, economic pressures and stringent costs — among other concerns — have stalled widespread increases. On the opposite of end of the spectrum, employers have reckoned with pushes for pay transparency and criticism of executive compensation.

None of these elements happens in a vacuum. To drive the point home about the connection between pay and retention, consider that whether employees feel they're underpaid may actually matter more than the real amounts they're paid, according to one Payscale study. As employers work to address those concerns, they might also consider adopting a total rewards framework that includes stronger employee benefits offerings (including voluntary options) that add not only to their employment experience but also to the culture of the organization itself by providing a human touch.