Want employees to stick around, show them the money

October 24, 2014

 

office worker

Employees and CFOs cited money and benefits as the top reason they leave for other jobs.

In survey results that will surprise very few people, more money and better benefits rank as the top reason employees and CFOs leave for other jobs. The survey, developed by staffing firm Robert Half, found that 38 percent of employees citied inadequate salary and benefits as the top reason for leaving their job.

That was well above reasons such as limited opportunities for advancement (20 percent) and unhappiness with management (16 percent) as the top three reasons. For company CFOs, salary was the still the top reason (28 percent) for leaving but limited opportunities for advancement was a closer second with 22 percent citing that as the motivating factor for making a change.

The CFO survey is based on interviews with more than 2,100 CFOs from a random sample of companies in more than 20 of the largest U.S. markets. The survey of workers includes responses from nearly 300 employees 18 years of age and older who work in an office environment in the United States.

Survey developers citied the stronger hiring climate as key reason more employees are willing to look for a new, better-paying job.

Employers can’t reply on money alone however. The survey cited five other major mistakes employers make when dealing with employees. Those mistakes included: absence of a career path, lack of training, failing to customize recognition, forgetting to listen, not tracking retention.

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