Salary is the number one reason why employees change jobs, according to research from Glassdoor, one of the world’s largest job and recruiting sites.
The survey of 750 hiring decision makers (defined as those in recruitment, HR and responsible for hiring) in the U.S. and UK, found that nearly half (45%) think that salary is the top reason for employees changing jobs.
The top four reasons for changing job, according to the survey are:
- career advancement opportunities
The researchers found that while hiring managers like to see pay transparency, companies were still slow to adopt it. Fewer than one in 10 online job listings include pay data in the job description, but more than one-third (37%) of hiring decision makers say retention rates would improve if new hires were better informed during the hiring process.
Carmel Galvin, Chief Human Resources Officer at Glassdoor, agreed that offering pay transparency might help improve retention rates.
“Pay can be a big motivator for employees to take a job, however, very few job listings actually include pay information, even if this is overwhelmingly what job seekers want,” she said. “If candidates were better informed about how their pay and career could progress during the initial job search and recruiting process, they would be less likely to take a job that turns out to be a bad fit.
“Recruiters and hiring managers need to manage expectations and use all channels available to them to communicate with potential candidates to ensure pay realities meet expectations. It shouldn’t be a battle for job seekers to gain insights into salaries, benefits, culture and what their career path might look like in a job.”