Sixty-six percent of workers say they are not satisfied with their compensation, according to a survey by Adecco, a staffing firm. In addition, 68 percent of workers said they are not satisfied with their company's contribution to their retirement plans.
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“As Labor Day approaches and we move closer to an economic recovery, employees and managers should remember that career development is a mutual responsibility, particularly for companies looking to reduce an exodus of top talent,” said Bernadette Kenny, chief career officer, Adecco Group North America. “What workers are telling us is that even during a recession, just having a job does not equate to job satisfaction. Employers need to be conscious of the concerns their staff is managing through on a daily basis and proactively come up with the appropriate solutions to improve retention and reduce the current and future high cost of turnover.”
Adecco offers the following tips for employers:
- If raising compensation isn't an option, then
reward employees through an awards program or team contest.
Improving morale simply by recognizing good work can help ease complaints about compensation. Employees also benefit greatly by understanding the reasons behind lower compensation and how these short-term adjustments will help them and the company in the long run.
- Managers should map out a growth plan for employees and communicate it to their teams. Employees will then understand that managers are invested in their future and they'll be more confident in investing their time and career with the organization.