As we recover from the recent global financial crisis feeling stronger and more determined than ever, albeit a tad bruised, we had a few questions about how the market was feeling. Thanks to LinkedIn we were able to create a few online polls to gauge the market. The results are interesting.
For those who survived the cuts (of which there were many) and were left with the weight of keeping seemingly sinking ships afloat, emotions ran high. Many employers with shy bank balances were forced to find creative solutions to keep their staff happy. If you are a boss and find yourself in that situation now - where you have a great work force, but are not able to reward them with cash you might be interested to see the results of our online polls. It turns out that while money is certainly a strong motivator, it is not everything and good people appreciate flexibility and personal time over and above hard cash.
Here are some of the questions we asked and their results. Please note that the Overall Total (OT) would be based out of 100%. The stats of gender and age are based as a percentage of the results per category from the Overall Total; as such many will not add up to 100%.
Q In lieu of a salary increase, your boss offers you other benefits to improve the working conditions. Which would you choose?
1. Flexible working hours. 45% OT, 56% of that total were females (F) between 35-54 years old
2. Company car and free petrol. 29% OT where 38% is aged between 25-34
3. Extra retirement benefits. 12% OT
4. Paying for further studies or covering student loan. 8% OT
5. Subsidising your children's education. 7% OT
Q When choosing a new job, which factor is more important?
1. Mental stimulation and job satisfaction. 86% OT
2. Working close to home. 13% OT
Q When faced with 2 job offers, which criteria would sway your decision?
1. Defined career plan and growth options. 39% OT, 45% (M) and 25% (F)
2. The job itself. 28% OT
3. Higher salary. 19% OT
4. Trendy and fun working environment. 9% OT (most popular in the 18-34 years old age group)
5. Enhanced company benefits. 5% OT
Q When changing jobs, what is the minimum salary increase you feel you should move for?
1. 15-20% increase. 33% OT
2. 20-30% increase. 27% OT
3. Equal or better, money is not everything. 22% OT
4. Happy to drop for a growth opportunity. 12% OT
5. 30%+ increase. 4% OT
Q Money is a top priority when seeking a new job!
1. It is an important consideration. 80%
2. Absolutely true. 20%
3. Absolutely false. 0%
Q I will work harder and smarter to keep my job
1. Absolutely true. 50%
2. Somewhere between true and false. 40%
3. Absolutely false. 10% (F)
Q You have survived the worst of the global recession. How do you feel towards your employer?
1. We have made it, now it is time to move on. 46% OT
2. More loyal than ever, we have survived. 32% (100% of respondents between 18-24 years old felt this way)
3. Please get me out of here! 21% (100% of respondents over 55 years old felt this way)
Q In spite of the recent recession you are still employed. How do you feel about your current salary?
1. Happy but would love to earn more. 61% OT
2. Overworked and underpaid. 26% OT
3. It is fair, you are happy, no complaints. 7% OT
4. You are lucky to have a job. 3% OT
5. Overpaid. 0% (not surprising)
Q You have recently quit your job because?
1. Poor communication from management. 40%
2. Your company lacks vision. 31%
3. No faith in your colleagues' competence. 13%
4. Lack of promotion. 9%
5. You are overworked. 4%
The results reveal an interesting story - 61% of those still employed are happy with their salaries, 39% would choose a defined career path with growth opportunities over a higher salary. In fact, 12% would drop in salary for a growth opportunity. 71% would leave a good job because of poor communication and lack of vision on behalf of management, 45% would choose flexible working hours over a salary increase, although 86% would rather be in a stimulating job than work close to home. Perhaps, as a result of the CTC structure of most salary packages, employees have become accustomed to handling their own medical aid and retirement benefits, which is why only 4% were attracted by enhanced company benefits. If you review the detailed results you will note that young employees value having their company cover their student loans, while for older employees having their children's education subsidised is viewed as a benefit.
All in all, while money certainly does make life easier it is not necessarily going to keep your staff happy. To ensure a happy team for 2011, you may need to review your HR policies incorporating a more flexible approach to meet employees where they are at in their stage of life. To see current market-related salaries view our salary survey.Click here for the full results
Does your problem lie in reconciling your gross habits with your net income?
If it is, maybe our salary survey will help.