Employees who feel underpaid are much more likely to look for a new, better-paid job as the most acceptable way to increase their income. This option is favoured by 65%, i.e. the majority, of employees who regard their income as inadequate with regard to their job position. Other options, such as initiating a pay discussion and negotiating a pay rise with their boss, would be chosen by considerably fewer people - only 35% of underpaid employee.
A career change has to be worth it for an employee - especially financially
The most important criteria for employees when choosing a new job is clearly a better salary compared to what they currently earn. More money and financial benefits are the deciding factors for 63 per cent of employees when choosing between different jobs. A higher salary is the key criterion in up to three quarters of all cases involving those feeling underpaid.
These findings come from the latest international employee survey conducted by the Paylab.com portal. The Salary Satisfaction and Preferences survey was conducted in November and December 2017 over a sample of 41,321 respondents in 10 European countries. It is an integrated part of the Paylab Compensation Monitor, which regularly monitors trends in remuneration and employee behaviour.
In summarising the results of the survey, these were the key questions for which employees placed the highest priority. Respondents reported these questions most often when choosing between multiple jobs. A career change has to be worth it for an employee - especially financially.
1. What's in it for me?
2. Is the work I am going to do stimulating enough for me?
3. What are my opportunities for self-realisation in a specific environment?
Many employees did report different areas they considered as the most important criteria when making these decisions. Better workplace relationships compared to those at their current place of employment were reported as key by three in ten employees. Women were a bit more responsive with respect to this specific criterion.Career growth and time flexibility were another important selection criterias. The second group of important questions when considering a job include:
4. Who will I work with and what type of workplace relationships are predominant?
5. What specific opportunities will I have for my own personal development and growth?
6. Will I have time for my family and personal interests outside of work?
Commuting distance is an essential element for 18 per cent of respondents, and women once again were at a slightly higher rate (21 per cent of women, compared to 16 per cent of men). Around 5 per cent of employees make their decision based on the specific non-financial benefits offered by an employer. An employer's brand and the prestige of working for the employer are key for 5 per cent of people. Employer brand is of a bit higher concern among people in lower and middle management (7.3 %) and in top management (8.4 per cent). Less frequent questions asked by employee in the selection process include:
7. How long will my commute be?
8. What other non-financial benefits does the employer offer?
9. How prestigious is it to work for the employer's brand?