More money is still the big hook that makes one job more desirable than another, said employees in a new OfficeTeam survey. According to survey results, 44% of the 2,800 workers polled said they would leave their current job for one that pays more. And if they were professionals in Des Moines, Philadelphia, Salt Lake City or Cleveland, they were more likely to be lured away by a bigger paycheck.
After money, the other reasons employees gave for leaving a job were: finding an organization with a higher purpose/stronger mission (12%); feeling unappreciated (12%); feeling bored or unchallenged (12%); long commute (7%); bad culture fit (7%); and a bad boss (6%).
Most HR managers in the survey said that the way employees leave a job can affect their careers. More than a quarter (27%) said that how employees leave greatly affects their careers, 56% said there’s somewhat of an effect, and 16% said there’s no effect at all.
Higher pay doesn’t always take the top spot among reasons employees leave their jobs, but it’s an understandable enticement. Wages have been stagnant for months, with average across-the-board pay increases hovering around 3% in recent years. And although cities and states have passed minimum-wage laws nationwide, higher-end incremental increases may still be a few years off.
For this reason, more employers are taking a second look at their minimum wages. Some retailers, like Target, have voluntarily increased their minimums to improve retention.
But if a company’s salary budget is small, not all is lost. Culture, mission, transparency, work-life balance, voluntary benefits and development are all key ways to keep people on board. Employees regularly cite an ill-fitting culture as a reason to leave, and many, especially millennials, favor organizations that support a cause or are involved in philanthropy. A third of employees in a recent Jobvite survey said they would take a 10% pay cut for a job they’re passionate about.
About 80% of employees in the Jobvite survey said they’re open to career opportunities elsewhere for a range of reasons. And even though most said they were satisfied with their current jobs, 83% said they’re continuously job hunting. This presents challenges for employers who are struggling to hire and retain skilled talent.
Employers that support balancing work with personal responsibilities, recognize exceptional performance, and offer training and career opportunities will have an edge in hiring, retaining and engaging workers.