THE COST OF THE PERCEIVED ‘INCONVENIENCE’ OF SWITCHING JOBS
Late September 2024, ROUSSOS Recruitment put out a LinkedIn poll asking a simple but insightful question: When switching to a new job, do you expect a rise in salary? A resounding 88% of respondents said yes—they do expect a salary increase when moving to a new role. I have to admit, these statistics were surprising.
While it's natural for employees to seek better compensation, this overwhelming majority highlights a significant shift in job seeker expectations. It’s no longer just about the role, the brand, or the office perks; for many, the monetary reward remains a key driver. As employers, this data calls us to action: we must take a closer look at our employee value proposition and ask ourselves if it truly reflects the value and growth opportunities we want to offer our people.
In a competitive job market, where top talent is scarce, businesses need to be prepared for prospective employees to expect a higher salary than they currently earn. This doesn't mean offering inflated salaries to everyone who walks through the door. Rather, it's about ensuring your compensation packages are competitive and reflective of the skills and value an employee brings to your organisation.
Interestingly, we also asked our followers if they would take a pay cut to secure their dream role, and 74% said they would be willing to earn less if it meant landing a job they are truly passionate about. This tells us something crucial: while money matters, it’s not the sole motivator. People are willing to sacrifice a portion of their salary for the right opportunity—one that aligns with their passions, values, and career aspirations.
Making a job change involves more than just financial adjustments; it’s the emotional and professional upheaval that comes with leaving behind the familiar and stepping into the unknown. So, when employees decide to make that leap, they want to ensure it’s for something worthwhile—a significant pay increase or a role that truly excites them.
As employers, we must recognise that job seekers today are not just moving for the sake of moving. They are looking for meaningful reasons to make a change, whether it’s for a higher salary or the chance to thrive in a role they love. The process of changing jobs is significant, and in return, employees are seeking clear benefits—either financial or personal fulfilment. It’s up to us to provide them with compelling reasons to choose our organisation, be it through competitive compensation or offering roles that truly resonate with their ambitions and values.
As we continue to navigate a dynamic job market, it’s crucial to stay in tune with the evolving expectations of job seekers. By being proactive and responsive, we can ensure that we’re not only attracting but also retaining the best talent out there.
