A recent survey conducted by Express Employment Professionals found how much employers would offer a “star” employee to stay with the company, according to a release from Jim Myers, franchise owner of Express Employment Professionals in Council Bluffs.
On average, the survey found employees want more than employers are willing to offer.
Job seekers were asked: If offered a new job, how much of a pay increase would it take to stay with your current employer?
- 20% said 16 to 20% pay increase
- 19% said 11 to 15% pay increase
- 19% said 5 to 19% pay increase
- 18% said 21% or more of a pay increase
- 7% said 3 to 4% pay increase
- 7% said other, noting they would be consider the specific job offer and benefits
- 6% said they would stay without a pay increase
- 3% said a 1 to 2% pay increase
On the other hand, employers were asked a similar question: If a “star” employee were offered a job with another company, how much of a pay increase over their current salary would you offer to retain them?
- 39% answered 5 to 10% pay increase
- 14% said 11 to 15% pay increase
- 11% said 16 to 20% pay increase
- 9% said 3 to 4% pay increase
- 7% said other, noting concerns such as individual circumstances and benefits
- 6% said 21% or more pay increase
- 1% said 1 to 2% pay increase
Overall, 57% of employees answered they would want a raise of more than 10%, while only 30% of employers said they would be willing to offer 10% to a “star” employee, the release said.
“We continue to see wages increase in Southwest Iowa. Market forces have continued to push wages to unprecedented levels with the vast majority of the starting wages for entry level manufacturing and office services positions being 50 to 100% higher than the Iowa minimum wage,” Myers said. “Workplace culture, employee recognition, opportunities for advancement and benefits packages are all vital to reducing turnover; however, compensation is still the predominant factor in attracting, and potentially luring, good employees from the competition.”