There is much debate surrounding the most important factors to employees, but salary always remains high on the list. But with companies focussing more effort on employee retention, just how loyal are we to our employer?
A recent survey has asked the British population whether they’d be prepared to move jobs for a 20% payrise. The results overwhelmingly show that most people would indeed be prepared to change companies for such a big rise, but there are some interesting differences between industries, pay brackets and company sizes.
Nearly all low earners would switch
With increased living costs and salaries not keeping up, the results come as no surprise that nearly 100% of those earning under £20k would choose to leave their current job to get a salary rise of 20%. The percentage not willing to change increases with the wage bracket – with 21% of those earning over £100k unwilling to change employers for a 20% payrise.
Loyalty isn’t dead
|Large – 250+||84%||16%|
|Medium – 50 to 250||82%||18%|
|Small – 10 to 50||84%||16%|
|Micro – 1 to 10||68%||32%|
When people work in smaller companies, they are much much less likely to leave than when they work in larger organisations. This implies there is more loyalty when employees have more responsibility and access to the CEO/founders.
Bankers some of the less fickle
|Media & Communication||93%||7%|
|Transportation & Logistics||91%||9%|
|Construction & Real Estate||89%||11%|
|Energy, Mining, Chemicals||89%||11%|
|Apps & Web||88%||12%|
|Pharmaceuticals & Biotech||84%||16%|
|Technology & Telecoms||84%||16%|
|Banking & Financial Services||80%||20%|
|Consulting & Audit||78%||22%|
Bankers are usually associated with money and greed, but they are one of the least likely professions to career hop. Having said that, across all industries, the large majority of workers would be willing to leave regardless of their specialism.
Alice Leguay, Co-Founder & COO at Emolument.com, salary benchmarking site said: ‘While it appears most of us would be ready to switch jobs for a significant pay rise without much afterthoughts, other important factors come into play when making this kind of decision. Start-up employees have strong attachments and commitments to their company and their founders, with whom they work shoulder to shoulder. Management consultants treasure their reputation and work relationships, which could one day be worth much more than 20% of their salary if one of their colleague becomes a prominent executive or investor.’