Is your salary the most important factor?

Investigating whether your salary is the most important of all the job benefits. What else appeals to today’s job-seekers and what’s so important about this research?

Let’s start with the importance of this topic. As we mentioned in our last post, job vacancy numbers have reached an all-time high. This means that each employer has to work all the harder to impress suitable applicants.

This also means that there are regular surveys to ascertain which factors are most likely to attract a candidate into a new role. Surveys such as the one behind the ‘Attracting the Right Talent – Meeting Demands through the Job Offering Report.’

Salary isn’t (necessarily!) the most important factor…

  • At present, just over 1/3 of the nation’s professionals say their ‘career expectations are not being met’. They most prioritise…
  • Working for an employer that ‘values you’ (25%)
  • The opportunity to gain experience (17%)
  • Creating a strong work-life balance (18%)
  • And developing personal technical skills and abilities (11%)

Those that had worked for their employer for more than five years were even more likely to rate feeling valued and work-life balance as most important.

Alongside this, 60% of people prioritise the chance to develop their career within their job role.

You’ll see salary is yet to be mentioned. However, there is some regional variation here. In the South, workers are more likely to prioritise the career and lifestyle factors mentioned. Whereas the majority of professionals in the North East and Midlands valued their salary above all else.

There’s also some sector difference. The banking and financial services industry was the only sector that specifically regarded a pay rise as their primary career priority.

The report says there’s been a marked shift in attitudes due to the ‘millennial impact’. This group of workers is placing greater importance on lifestyle elements beyond pay rates.

What does this all mean?

We can see that attitudes are changing. However, it’s not long ago we heard that the UK is more salary-minded than any other European country and that 62% of people primarily work for this reason.

It’s worth considering the research as a whole. Salaries are incredibly important to many workers, yet there are also plenty of other factors that are relevant to job searching…and the acceptance of job offers.

  • As a candidate: it’s useful to consider your own priorities. What matters most in your career right now? Be sure to let your Recruitment Consultant know what you’re looking for. You can include some of this information right from your first email to your agency.
  • As an employer: take a look at your employee attraction offering. Are you making your team feel valued, do you help to create a positive work-life balance, and are you ensuring your staff receives regular skills development? What’s more, are you communicating these messages in your job advertisements? This post will help you to sharpen your employee attraction strategy.

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