"Job satisfaction varies from person to person and is based on many different factors," said Bill Coleman, chief compensation officer, Salary.com. "In the wake of a possible recession, employees may be looking for a new job but won't make a move unless they receive a good offer from a stable employer. It's important to keep in mind that compensation may be a key factor as to why employees would consider leaving a job but it's not the top reason they stay in their current job."
The 2007/2008 Job Satisfaction & Retention Survey revealed many other interesting results, including that inadequate compensation is the top reason employees gave as to why they would leave their job:
The Top 5 Reasons for Leaving a Job as Reported by Employees
1. Inadequate compensation: 27 percent
2. Lack of career advancement: 19 percent
3. Insufficient recognition: 17 percent
4. Boredom: 11 percent
5. No professional development: 11 percent
Fifty percent of employers surveyed feel a job offer with an 8 – 15 percent salary increase from a competitor would be enough to lure away current employees. Yet on average, employers are willing to give an average raise of just 7% to entice employees to stay.
Not surprisingly, employers are aware of the high costs associated with replacing workers due to turnover. Employers across all industries estimate the cost to replace a typical employee due to turnover to average approximately $21,000. Some industries estimate recruitment costs to be well above that figure. Representatives from the Biotech industry estimate replacement costs to run more than $46,000, followed by Aerospace and Defense at over $30,000 and Energy and Utilities at slightly over $28,000.
The 2007/2008 Job Satisfaction & Retention Survey also illustrated some interesting trends along gender lines. Women place a higher importance on desirable working hours and relationships with managers and co-workers while men list attractive compensation as the most important factor in job
satisfaction.
