Money, as the saying goes, makes the world go round. But it also may be what keeps employees in place.
According to recent research from Robert Half, workers interviewed cited poor compensation as the primary reason they would leave their job.
The research also shows a strong disconnect between employers and employees on this issue. When chief financial officers (CFOs) were asked why people quit, limited opportunities for advancement was cited most commonly, with inadequate salary and benefits far behind.
The two surveys were developed by Robert Half, the world's first and largest specialized staffing firm, and conducted by independent research firms. The CFO survey is based on interviews with more than 270 CFOs from a random sample of Canadian companies. The workers survey includes responses from more than 400 employees 18 years of age and older who work in an office environment in Canada.
CFOs were asked, "Which one of the following is most likely to cause good employees to quit their jobs?" Similarly, workers were asked, "Which one of the following is most likely to cause you to quit your job?"
Their responses:
| CFOs | Employees | |
| Inadequate salary and benefits | 8% | 30% |
| Unhappiness with management | 7% | 24% |
| Limited opportunities for advancement |
41% | 15% |
| Bored with their job | 15% | 15% |
| Overworked | 9% | 11% |
| Lack of recognition | 2% | 5% |
| Other/don't know | 18% | 0% |
"CFOs should be aware that salary and benefits are playing a larger role than many executives think when it comes to employees leaving their jobs. Talented workers with in-demand skills who feel they aren't being compensated fairly know they have options, especially in the current hiring environment," said Greg Scileppi, president of Robert Half, International Staffing Operations. "It is important that managers regularly benchmark salaries to stay current with market trends. To remain competitive, compensation levels must be at or above market standards, especially for in-demand positions."