Amazingly, a third of employers are expected to lose workers this year.
Why? No big surprise–it’s the money.
A Sticking Point in Compensation
45 percent of resignations occur because of low salary.
So how do these individuals end up in these jobs that they feel aren’t paying enough compensation for their work? Ultimately, it comes down to a lack of pay transparency from employers during the job hunt.
Surprisingly, only one in ten job postings include pay information. This is especially odd when paired with the fact that salary is the number one influencer in what makes a candidate choose a job.
Moreover, even if jobs are fairly transparent with their pay at the start, many more companies aren’t clear about the advancement opportunities that might afford workers more pay.
The end result is employees who feel that they’re stuck in their position, making less than they want to at that point in their career — and a whole two fifths of the surveyed looking for new jobs this year.
What Can I Do About It?
Your options might be aided or limited by what industry you’re in. Work in technology or healthcare and pay transparency is fairly good. Unfortunately, if you work in a field like nonprofits or academia, the pay disclosures may be more obscurantist.
That doesn’t mean it’s not up to employees to do their own due diligence, however. When interviewing for a position, try to be upfront in asking about not only pay but also about career advancement options.
The best way to not get stuck on an unhappy career path is to make sure you step on the right path in the first place.
If you want to know more, call Blisk Financial Group for more information.