Many employees are struggling to pay their bills and the search for higher compensation is driving them to look for new roles. A new report by Achievers Workforce Institute, found that almost three-quarters of employees say they either struggle to make ends meet or must budget carefully in order to meet their needs. As living costs continue to increase and salaries see little change, compensation is playing a higher role in the search for new employment.
Sixty-five percent of employees say they have one foot out the door and 2 in 5 employees say they will actively look for a new job in 2024. Historically, the opportunity for career progression was the most common factor behind switching jobs. But in 2024, twice as many employees say they will look for a new role with the hopes of receiving better compensation.
The report found that 28% of employees said compensation was a reason to look for a new job in 2024, followed up by 24% of employees who cited career progression. About another quarter of employees said work flexibility was the biggest reason to switch roles in the new year.
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Employees who struggle to pay their bills are 39% more likely to hunt for new jobs than the average and twice as likely as those who can live comfortably on their salary, according to the report.
The research says one important factor to consider is an employee's "emotional salary," or the non-economic salary that compliments a monetary salary. According to the report, once an employee's basic needs have been met, there are other factors to keep them happy such as culture alignment, recognition, work relationships, feedback and career progress.
In fact, the report found that most employees care more about their "emotional salary" than monetary requirements, as long as they're able to meet basic needs.
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