More than a third of recruiters expect more employees to quit over the next 12 months – and almost half will do so because of their salary – according to a survey by job site Glassdoor.
Glassdoor’s survey suggests that fewer than a tenth of online job listings include pay in their job description, yet 98% of jobseekers believe it would be helpful to see pay ranges included in recruitment ads.
Furthermore, more than a third (37%) of hiring decision makers said retention would increase if new hires were better informed about salary levels in the hiring process.
Almost half (48%) of hirers believe that salary and compensation is the most influential factor in a candidate’s decision on where to work. Two-thirds said that competing offers were a major challenge in attracting high calibre candidates.
Although Glassdoor’s survey suggests that salary will be the top reason for candidates changing jobs this year, other top reasons included career advancement opportunities, benefits and location.
“Pay can be a big motivator for employees to take a job, however, very few job listings actually include pay information, even if this is overwhelmingly what job seekers want,” said Carmel Galvin, Glassdoor’s chief HR officer.
“If candidates were better informed about how their pay and career could progress during the initial job search and recruiting process, they would be less likely to take a job that turns out to be a bad fit.”
“Recruiters and hiring managers need to manage expectations and use all channels available to them to communicate with potential candidates to ensure pay realities meet expectations.
“It shouldn’t be a battle for job seekers to gain insights into salaries, benefits, culture and what their career path might look like in a job.”
Galvin added that employers struggling to compete on salary should do more to showcase their culture.
“There is almost always going to be a rival firm that could potentially pay your best people more, but Glassdoor research, and other third party studies, confirm that company culture matters more than pay as a driver of long-term employee satisfaction and engagement.
“If you can improve your workplace culture and offer people career advancement opportunities, this will help you hold on to people longer,” she said.