Salary is certainly not the only factor in employee satisfaction, but it’s a key one when it comes to keeping your staff.
Poor compensation is the primary reason employees would leave a job, according to a Robert Half survey of more than 400 Canadian employees and 270 CFOs.
The survey also showed a strong disconnect between employers and employees on the issue. While employees cited salary as the number one reason to quit, CFOs surveyed ranked salary and benefits far down the list.
“Unhappiness with management,” “limited opportunities for advancement” and “bored with their job” were also frequently-cited reasons to leave, while “lack of recognition” was lowest on the list for employees.
"CFOs should be aware that salary and benefits are playing a larger role than many executives think when it comes to employees leaving their jobs. Talented workers with in-demand skills who feel they aren't being compensated fairly know they have options, especially in the current hiring environment," said Greg Scileppi, president of Robert Half, International Staffing Operations.
"It is important that managers regularly benchmark salaries to stay current with market trends. To remain competitive, compensation levels must be at or above market standards, especially for in-demand positions."