Job satisfaction? Show us the money say employees

Channel businesses would be well-advised to keep an eye on their staff because workers have revealed they are more likely to change jobs for better pay rather than more job satisfaction as they try to overcome the rising cost of living.

Channel businesses would be well-advised to keep an eye on their staff because workers have revealed they are more likely to change jobs for better pay rather than more job satisfaction as they try to overcome the rising cost of living.

The annual survey of employees by the Chartered Institute of Personnel & Development (CIPD) has revealed that improved job satisfaction has been relegated to second place behind better pay as the main reason for changing jobs. More than half of those surveyed cited better pay, compared to 42% for more job satisfaction.

Other findings revealed that the standard of living has worsened for 36% of employees over the past six months. As many as 18% said keeping up with bills was a constant struggle and the same number admitted to running out of money at the end of the week or month always or most of the time.

CIPD senior policy adviser Ben Willmott said the results demonstrated "the ongoing impact of the economic downturn in the workplace. Employees are feeling the squeeze as a result of pay freezes or low pay settlements that fail to keep up with inflation".

As well as being more likely to leave for more pay elsewhere, workers with financial difficulties were more likely to report being under stress at work and were typically less satisfied with their jobs, he added.

Employers would be well-advised to support workers in tough times by ensuring line managers were equipped with effective people management skills and by providing advice and support on debt management and financial planning.

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Like so many other topics, this comes down to common sense. If you aren't making enough money to make ends meet - or to meet your goals - you have to consider other options. Similar to the way we choose projects and clients at our company, employees have to weigh the opportunities that might bring in both $$ and satisfaction. Because, how unsatisfied will you eventually be if you're piling up debt. Even if you love your job, you need to keep a positive cash flow.
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When the economy was bad, employers had us over a barrel. Now that things are looking up a bit there are a lot more opportunities out there. I think you may see a few people making a change to a better financial future. Some places were not giving raises or even a cost of living adjustment,  A few years like that 
with little or no increase in salary may make a lot of people move on.
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One thing I run into almost every year is employee expectations of a really good raise based on the information they receive in the company meetings. They attend the meetings, and hear how good the company is doing, but they don’t hear (or don’t want to hear?) how the company is turning around and investing those profits to maintain and grow market share. So, they’re frequently disappointed when pay increases are on the nominal scale. It will be interesting to see how much impact this recent trend towards “show me the money” will have on employee retention.
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