Will your salary budget need to increase this year?
Following our recent 2017 Recruitment Outlook and Salary Survey report, it’s looking increasingly likely that local employers will need to make a salary budget increase in the next 12 months due to a wide range of factors.
With the skills shortage still very much apparent in the Staffordshire & Cheshire regions, we surveyed local employees to find out their attitudes towards their current pay and uncovered some interesting insights that all point towards employers having to dig a little deeper into their salary budget in order to retain their existing employees.
When we asked local employees if they would be looking to change jobs in the next 12 months a staggering 62% of respondents said they would be seeking a new role. Topping the list of reasons for doings so was better pay, with 34% looking to move in exchange for a higher salary.
For those 38% of employees who had no intention of finding a new role, 66% are planning on asking their current employers to increase their salary. Interestingly, 37% of these employees are confident they will receive some level of pay increase, 48% were unsure and 15% aren’t convinced that their request for an increased salary will be granted.
When discussing feelings towards their current levels or remuneration, none of the employees that took part in our survey felt that they were extremely well paid for the work they do, with the majority (42%) being of the opinion that they are moderately well paid. However, a fairly high percentage (19%) stated that they believe that they are not at all well paid for the work they do.
With 12% of employers surveyed noting staff turnover as one of their main recruitment challenges and 81% of local businesses intending to increase their permanent workforce in the next 12 months, employers are being urged to download our 2017 Recruitment Outlook and Salary Survey report to review the findings and use the resource to benchmark against their current salary offerings in order to retain their current talent and attract quality candidates towards any new vacancies.
For more valuable insights into the current recruitment landscape in our region, click here to download your free copy of our latest report with our compliments.