Pay remains a pivotal factor in employee retention, with UK workers prioritizing salary above other job perks.
- A significant 62.3% of UK workers consider salary as the primary factor when choosing to stay with a company.
- Despite various benefits offered, there is a notable dissatisfaction in pay satisfaction among employees.
- Fifty-two percent of workers feel unfairly compensated in comparison to their peers in similar roles.
- Only a quarter of employees find their pay packages customizable, although half desire more control.
Salary continues to dominate as the decisive element regarding employee retention and attraction within the UK workforce, as demonstrated by recent research conducted by SD Worx, a leading HR solutions provider. The research encompassed responses from over 23,000 participants, spanning 18 European countries, underscoring widespread pay concerns.
A significant proportion of UK workers, calculated at 62.3%, have indicated that pay remains the foremost consideration when evaluating employment options, far surpassing other factors such as job security and engaging workplaces, which garnered 48% and 31% respectively in terms of importance.
Dissatisfaction is apparent as less than half, 47%, of employees express overall satisfaction with their compensation. This sentiment extends to perceptions of competitiveness and fairness, with only 49% feeling their earnings align with current market standards and 52% perceiving parity with others in equivalent roles.
Further complicating these sentiments is the disjunction between the benefits employers offer and the perceived value by employees. Despite UK employers typically providing around eight types of benefits, workers desire more, particularly in the area of additional leave, with a striking 46% expressing this need, yet only 30% confirm having such options available.
The element of pay package personalization is another area where expectations do not align with reality. Though half of the respondents advocate for significant control over their remuneration packages, just 25% experience this flexibility in practice. SD Worx’s UK People Country Leader, Laura Miller, emphasizes that while financial compensation is crucial, comprehensive personalization of benefits significantly enhances the employee experience.
Understanding and addressing pay concerns is vital for companies to maintain motivated and satisfied employees.
