Loyalty: Is it all about the money?

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It seems many employees are ready to walk off the job tomorrow if the price is right, but if you're working on a budget there are other ways to attract good staff - or keep the ones you have.

A survey of 2,640 professionals from the IT, accounting, sales and marketing disciplines from Clarius group the study has found that 80% of employees would leave their job for more money. On average, male workers would require a bump of $14,595 pa, while female workers required $16,328.

While it's no secret that money talks, these figures represent a 20% increase in salary expectations for women, but a 12.5% fall for males since last year. Kym Quick, CEO of Clarius Group, chalked up the drop in employee loyalty with the difficult economy of the last five years.

“We’ve seen many people made redundant and the job market flat, so while professionals want to move, their salary expectations are reflecting the weaker opportunities in the market,” she explained.

However, attraction and retention is not driven solely by salary. The Michael Page and Page Personnel Salary & Employment Forecast 2013/14 found the following areas – excluding salary increase – to be most likely to cause employees to leave:

Finance
  • Broaden experience/opportunity to learn (28%)
  • Achieve better work/life balance (15%)
  • More seniority (11%)
  • Better training/support (1%)
  • Overseas opportunities (1%)
Technology
  • Broaden experience/opportunity to learn (26%)
  • Gain more seniority (10%)
  • Achieve better work/life balance (4%)
  • Better training and support (2%)
Sales
  • Gain more seniority (18%)
  • Broaden experience/opportunity to learn (15%)
  • Achieve better work/life balance (13%)
  • Overseas opportunities (2%)
Marketing
  • Broaden experience/opportunity to learn (29%)
  • Gain more seniority (22%)
  • Overseas opportunities (7%)
  • Achieve better work/life balance (4%)

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