If managers are not already fielding requests from employees for raises and promotions, they soon may be, according to a new Accountemps survey. An improving economy and higher demand for skilled workers means professionals are more confident in their job prospects and on the hunt for bigger paychecks and loftier titles. Forty-three percent of chief financial officers (CFOs) interviewed said the number of requests for raises or promotions has increased from two years ago.
For a Limited Time receive a
FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with
customized information for your industry, location, and job.
Get Your Report Now!The survey was developed by Accountemps, a specialized staffing service for temporary accounting, finance, and bookkeeping professionals. It was conducted by an independent research firm and is based on interviews with more than 2,100 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. metropolitan areas.
CFOs were asked, "Has the number of employee requests for promotions or raises increased or decreased compared to two years ago?" In response, 43% said the requests have increased, 44% believe they've stayed the same, 11% think they've decreased, and 2% aren't sure either way.
"Employers must be proactive and closely scrutinize compensation levels to stay competitive and keep good staff," said Bill Driscoll, a district president with Accountemps. "Resources can help managers benchmark salaries and better understand the complexities of today's hiring environment."
Driscoll noted there's more to retention than just offering salary increases. "It's better to be prepared than surprised by an employee's request for a raise or promotion," he said. "Now's the time to proactively connect with key team members to identify advancement opportunities and discuss viable career paths."
