A handsome pay raise is a powerful motivator. So much so, that if the average employee were to be offered more money at a rival company, a substantial portion would take them up on the opportunity – even if the increase was small, according to a newly released survey.
Among millennials, whose ages range between 18 and 35, an annual raise of $1,000 would be enough for over one-third of workers to jump ship, based on a recent poll conducted by consumer marketing firm Moosylvania. This was true even for those who liked what they were presently doing and enjoyed the company they kept with coworkers.
Almost two-thirds would leave job for $5,000 bump in pay
Not surprisingly, the more cash on the table, the more workers would walk. For example, if a $5,000-a-year raise were an offer, nearly two-thirds – 64 percent – said they'd leave their current workplace, the survey revealed. A $5,000-per-year raise based on a 40-hour work week translates to $2.50 more per hour. If the offer was $10,000, nearly 9 in 10 said they'd walk.
Norty Cohen, Moosylvania CEO, indicated that when it comes right down to it, money talks.
"This is a reflection of how this generation, while still identifying themselves as free-spirited, are willing to make changes within their work life situation, even if it's for a very small financial increase," Cohen explained.
With more organizations hiring, ambitious employees are on the prowl, looking to see what else is out there. A CareerBuilder survey from earlier this year revealed that 1 in 5 full-time employees pledge to leave their current position at some point in the next 12 months. That's up from 16 percent indicating as much when a similar poll was done the year before.
Benefits highly sought after
Employee benefits are one of the top must-have perks. At 59 percent, a majority of respondents in the survey said health insurance was something they needed to have in order to seriously consider another position. The only factor that outranked benefits was job stability at 65 percent.
"Nonmonetary perks can serve as a differentiator when trying to attract top talent in today's competitive hiring environment, especially for smaller companies," explained Paul McDonald, senior executive director for staffing services firm Robert Half. "It's important for businesses to ask employees what perks they value most and clearly promote the firm's offerings. Many companies undersell these benefits."
Similar to the performance review process – where employees and employers attempt to find common ground on a raise in pay – more business owners are willing to negotiate over benefits. Compared to last year, nearly one-third of company managers in a survey done by Robert Half said they're more amenable to compromising.
As for the cities where business managers are the most open to discussing terms, more than half of executives from Chicago said they were, the poll found. Second to the Windy City was Washington, D.C. at 48 percent and Boston at 47 percent.
