Inadequate Compensation

Only available on StudyMode
  • Download(s) : 156
  • Published : February 19, 2013
Open Document
Text Preview
Inadequate Compensation
Percent Responding: 57.2%

"Compensation for most positions is far below the market average for our region, no annual increases in the last 4 years." Salary.com's survey results show that inadequate compensation is by far the number one reason that dissatisfied employees want to leave their job. It has been proven time and again that fair pay practices benefit not only the employee, but also the employer (by reducing unwanted and unanticipated turnover costs). Employees who are paid competitively, relative to their specific market, are generally much happier. One way to find out if you are being paid what you are worth is to use Salary.com's salary negotiation tool, the Personal Salary Report. The Personal Salary Report will help you determine your value based on job title, industry, geography, company size, education, experience, and other personal factors. #2 Inadequate Opportunities for Career Advancement

Percent Responding: 37.3%

"My boss has dangled the 'carrot' for a year."
Opportunity for career advancement is a major factor in retaining employees and keeping them happy. 37.3% of dissatisfied employees cited inadequate opportunities for career advancement as the reason they want to quit. Empty promises by upper management, such as promotions that don't pan out, have led many employees to give up on moving up the corporate ladder at their particular company. #3 Insufficient Recognition or Appreciation

Percent Responding: 34.2%

"There is no recognition of my creative talent, training, or skills." The three major portions of an employee's total rewards package are compensation, benefits, and the work experience. The work experience includes things like company culture, dress code, and how employees are recognized and appreciated for individual contributions and accomplishments. The fact that 34.2% of dissatisfied employees are disgruntled because of insufficient recognition or appreciation shows the importance of elements...
tracking img