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Money Talks: 70 Percent of Workers Say Increased Salary is the Best Way to Boost Retention

Nearly one-third of employers (32 percent) reported that top performers left their organizations in 2012 and 39 percent are concerned that they’ll lose top talent in 2013. While most workers (66 percent) stated that they are generally satisfied with their jobs, one in four (25 percent) said they will change jobs in 2013 or 2014.

But it turns out employers may be able to retain those valuable workers by offering them what they want most. Seventy percent reported that increasing salaries is the best way to boost employee retention while 58 percent pointed to better benefits.

Other actions workers said employers should take to reduce voluntary turnover include:

  • Provide flexible schedules – 51 percent
  • Increase employee recognition (awards, cash prizes, company trips) – 50 percent
  • Ask employees what they want and put feedback into action – 48 percent
  • Increase training and learning opportunities – 35 percent
  • Hire additional workers to ease workloads – 22 percent
  • Provide academic reimbursement – 22 percent
  • Carve out specific career paths and promote more – 21 percent
  • Institute a more casual dress code – 14 percent

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Stephanie Gaspary

About Stephanie Gaspary

Stephanie Gaspary joined CareerBuilder in 2006 as the small business marketing manager, developing marketing strategy and sales support initiatives. In 2007 she took a position as sr. manager of marketing communications, leading the business communications team, including strategic management and execution of The Hiring Site. In 2010 Stephanie was promoted to director of social strategy and creative services. Her day-to-day focus is on delivering results-oriented communication that connects with CareerBuilder’s job seeker, employer and recruiter audiences to help increase engagement, awareness, support sales, and drive revenue. Stephanie holds an Master's in Business Administration and a Master's in Management - both from North Park University. Connect with Stephanie on Twitter at http://twitter.com/sgaspary or on LinkedIn at http://www.linkedin.com/in/sgaspary.
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Rajkishor rout 5 pts

Asked if the time to fill open technology positions had changed compared to last year, more than half the respondents (55%) said it had lengthened (including 16 percent who labeled the change “substantial”). Accounting for the slower hiring process, nearly half the hiring managers (47%) pointed to an inability to find qualified applicants, while another third (33%) cited a desire to wait for “the perfect match.”

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  1. Roundup: This Week’s Popular HR News from Around the Web | Cost Management Services says:
    February 8, 2013 at 8:22 am

    [...] Money Talks: 70 Percent of Workers Say Increased Salary is the Best Way to Boost Retention Nearly one-third of employers (32 percent) reported that top performers left their organizations in 2012 and 39 percent are concerned that they’ll lose top talent in 2013. While most workers (66 percent) stated that they are generally satisfied with their jobs, one in four (25 percent) said they will change jobs in 2013 or 2014. [...]

  2. Freshers Yaar! » Blog Archive » Five Great Perks For Retaining Your Employees says:
    February 17, 2013 at 6:22 am

    [...] salaries for new employees. These increased salaries are a great way retain talent–in fact, 70 percent reported increasing salaries is the best way to boost employee retention–but 58 percent also pointed to better [...]

  3. Freshers Yaar! » Blog Archive » 5 perks for retaining employees says:
    March 8, 2013 at 4:06 pm

    [...] starting pay for new employees. Increased pay is a great way to retain workers — in fact, 70 percent reported increasing salaries is the best way to boost employee retention — but 58 percent also pointed to better [...]

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