As an employer, things are looking good with the economy - even despite George Osborne’s recent warnings about “a dangerous cocktail of threats” just last week. We are seeing economic growth and this is good news – however it’s also shaping worker expectations as we warm into 2016.
HR Grapevine among other recruitment news outlets we follow reported on what workers in the city are expecting in terms of their pay this year, and it’s big increases in remuneration. What’s more almost a third of workers are prepared to jump ship if they don’t receive these wage hikes too, showing little loyalty to their current employers.
The statistics below were published, and clearly echo the confidence running high in city workers:
• 61% of city workers are prepared to move jobs if they are not compensated to the level they want this year
• This number (61%) is a 10% increase on the same time last year
• Workers would also prefer to move over staying it seems as only 27% of respondents want to increase their salary via internal promotion
• 13% will take no action to improve their compensation themselves – it is unclear whether they expect their employers to compensate them without being asked – this number is down from 17% last year
• Workers can gain an average of a 19% salary increase by moving jobs
A Difficult Position
This expectation is widespread, and leaves employers in a difficult position. When it comes to the banking sector in particular, public opinion is delicate and bonuses are expected to deliver at sensible levels, on the other hand companies could lose key talent if they don’t meet worker’s remuneration expectations. Add to this widespread talent shortages and you have a challenging environment.
What Employers Can Do
Employee wellbeing is a huge topic and has been for the past year at least. Making your team feel valued has never been more key. There are numerous experts in retaining talent, leading effectively and getting teams engaged but at its core, valuing your employees can come down to actions as simple as listening to their needs and saying thank you – and there are stats to back it up.
If you’re strategising how to move your business forward this year, be sure to put looking after your talent at the top of the list – staff are looking for big increases, their skills are in demand and they aren’t afraid to leave if they don’t get them.
"There are numerous experts in retaining talent, leading effectively and getting teams engaged but at its core, valuing your employees can come down to actions as simple as listening to their needs and saying thank you"