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Nearly six out of ten employees believe they can only improve the pay and rewards they see by moving to a different job, a new survey has revealed.
The finding emerged from Glassdoor’s Global Salary Transparency Survey, which HR Magazine has had access to.
It found 57 per cent said they need to move jobs, but this view varies according to age. Whereas only 43 per cent of those aged 55 or older believe they need to move to get a better pay and rewards deal, 65 per cent of those aged 18-24 and 62 per cent of 25 to 34-year-olds believed a switch was necessary.
However, the question of what constitutes fair pay for a particular role appears an unanswered one for most, with 69 per cent of those on UK payrolls saying they wish they had a better understanding of this. Only 45 per cent of UK staff said their company divulges salary information internally, although this was higher than the rates seen among employees in countries such as Germany, France and Switzerland. Nonetheless, with 74 per cent of UK staff saying pay transparency was good for staff retention, the low figures may have an impact on the number of people wanting to leave.
Vice president of corporate affairs and chief equal pay advocate at Glassdoor Dawn Lyon said: “The majority of employees report their companies do not share pay data internally, even though most believe salary transparency is good for business and employee satisfaction.
“Employers need to understand that perpetuating salary sharing taboos can ultimately affect retention. More than half of employees around the world feel that in order to get a significant raise they need to jump to a new company.”
She concluded that if employers can clearly demonstrate what fair pay is and how staff can progress, they will have better retention rates.
However, a study by Penna published earlier this month suggested only 23 per cent of managers are comfortable with talking about issues of pay to staff.