If people aren’t accepting your job offers and are quitting your company, you’re probably not paying enough money.
This shouldn’t be groundbreaking information, but in a world where so many people insist that money isn’t the most important factor people consider when weighing a job offer, you might be surprised to discover that yes, money is in fact the most important factor. And all that buzz about this not being the case is wrong (I’ve always known this but it’s nice to have some backup). It’s not the only factor but it is the biggest.
Express Employment Professionals has conducted a survey of 872 workers in which respondents were asked “What hurdles stop you from accepting a job?”
Respondents were told to choose all that applied from a given list.
According to a press release, the No. 1 answer was pay (61%), followed by schedule (42%) and hours (41%). Advancement/opportunity (28%) and transportation (19%) rounded out the top five. Unemployment benefits (3%), worker’s compensation (3%) and food stamps (1%) were at the bottom of the list.
Not enough money is also the reason they quit.
Respondents were also asked, “What hurdles stop you from staying on a job?” Again, pay (53%), hours (37%) and schedule (36%) made the top three. Advancement/opportunity (32%) and boss (29%) rounded out the top five.
“The message here is clear,” said Bob Funk, CEO of Express, and a former chairman of the Federal Reserve Bank of Kansas City. “Pay is the top priority among today’s workers. That certainly makes sense considering the reports we have seen about stagnant wages. The trouble, of course, is that so many businesses are dealing with confusing regulatory changes that cause uncertainty which slows their investment in the future of their workforce. Those that can offer raises, or more hours for that matter, are going to find workers ready to change jobs.”
Meanwhile, a recent survey conducted by Workopolis found that, of 16,600 respondents, more than half say that they are not paid enough.
We asked, “Are you fairly compensated for the skills you have and the work you do?” 54% said “No, I am underpaid,” while 29% said yes, they were fairly compensated and 17% weren’t sure.
The moral of the story? If employers want to hire and retain to talent that have to stop kidding themselves and open up the coffers.
Pay people more and they will want to work for you. It’s not what anyone wants to hear but it’s the truth.