Dive Brief:
- Money remains job seekers' top priority, according to a report from Monster. In a recent survey, 44% of respondents said a desire for better pay is driving their job search. Twenty-four percent said they're looking because they need to get out of a career rut.
- The survey also revealed that bad bosses are still part of the job-hopping equation: 13% of respondents said they're hoping to move on to get away from a rotten supervisor. Eight percent are looking to escape an unbearable workload, and roughly one in 10 are simply looking to see what’s out there.
- One of Monster's tips for job hunters looking for a new opportunity is to treat the job search "like a project;" in turn, employers can make their job sites approachable and make information about company culture and benefits easily accessible for future employees.
Dive Insight:
Businesses struggling to hire and retain workers may want to take note: with almost half of survey respondents looking for a salary bump, it might be worthwhile for employers to check their pay ranges against the competition. A recent Glassdoor report included similar findings: wages remain the top draw out the door.
Attrition is costly, and turnover is at an all-time high. And while a salary bump may be just what employees' want, other research shows that "pay perception" is more important than exact dollar amounts. According to 2017 research from PayScale, employees' feelings about their organization's approach to pay fairness and transparency has a higher impact on job satisfaction than salary itself. Of respondents who felt they were underpaid, 90% actually were paid at or above the market rate, and 75% of respondents who think they're paid on or above the market rate are satisfied with their jobs. Total compensation statements, as well as training that helps managers explain how pay is set, can go a long way.
And for the workers who feel they're stuck on a career treadmill, employers can look at opportunities like development and cross training to keep them engaged and optimistic about internal career prospects.
