Poor compensation is the primary reason why Canadians leave their jobs—but employers don’t realize that.
This is according to a study by staffing firm Robert Half, which polled both employees and chief financial officers (CFOs) in two separate surveys.
When asked why they would most likely quit, employees cited poor compensation as the primary reason (30%).
However, when CFOs were asked why good employees quit, they cited limited opportunities for advancement as the primary reason (41%). Poor compensation was way down on the CFOs’ list of reasons for employee departures—only 8% of them cited it as the primary reason.
“Talented workers with in-demand skills who feel they aren’t being compensated fairly know they have options, especially in the current hiring environment,” says Greg Scileppi, president of Robert Half, International Staffing Operations.
“It is important that managers regularly benchmark salaries to stay current with market trends,” Scileppi adds. “To remain competitive, compensation levels must be at or above market standards, especially for in-demand positions.”
The research revealed other discrepancies between employees and employers when it comes to reasons for calling it quits.
Almost a quarter (24%) of employees cited unhappiness with management as the primary reason that would make them quit. However, only 7% of CFOs reported that this is the top reason why employees depart.
Also, while excessive workload was the main reason that would cause 11% of employees to leave their job, only 9% of CFOs thought it would be the top reason for quitting.
The Robert Half research is based on interviews with more than 270 CFOs from Canadian companies and more than 400 Canadian employees.
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