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Employee Benefits News

Latest News
18 Apr 2016

More than 50% employees feel need to switch companies to get more pay

A new survey has revealed that more than one in two UK employees feel they would need to move to a different company in order to get a salary increase, the On Rec website reports.

According to recruitment website Glassdoor´s Global Salary Transparency Survey, more than half (57%) of the UK workforce believe they wouldn´t receive a significant change in their compensation without finding work with a different employer.

It was also found that the majority (69%) of employees in the UK would like to have a better understanding of how fair their pay actually is taking into account their position, skill set and the wider local market.

In addition to this, nearly half (47%) of employees across the globe stated that their bosses do not share pay information internally within the company.

Commenting on these findings, Dawn Lyon – Glassdoor´s vice president of corporate affairs and chief equal pay advocate – noted that “”Even in 2016, most employees—especially women—remain in the dark about what is fair pay for their particular role.”

Despite the fact that most employees feel transparency about pay boosts their satisfaction in the workplace, employers are failing to share pay data internally. As Lyon warns, “Employers need to understand that perpetuating salary sharing taboos can ultimately impact retention.”

“Our data shows by helping employees understand fair pay and providing clear pathways for advancement, employers can increase employee satisfaction, engagement and retention,” she added.

Employers should also take heed of the finding that employees seem to think the grass is greener on the other side. This sentiment was particularly prevalent among younger employees; a respective 62% and 65% of 25-34 year olds and 18-24 year olds felt they must change companies if they wished to receive a pay rise, compared to 43% of those aged 55+ who felt the same.

The Glassdoor survey spoke to 4,300 working adults – both full- and part-time – in seven countries, including the UK, US, Canada, France, Germany, Switzerland and the Netherlands.

Copyright © M2 Bespoke 2016

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