A strong market in many fields and record or near-record unemployment gives many workers more options. People can quit their jobs or negotiate a better deal from their current employer from a position of strength.
That, of course, is not universal since some jobs are in higher demand than others. But in fields where employees have leverage, 2018 could be a year where more people either move on or use their leverage to get what nearly half of employees rank as their biggest reason for changing jobs, according to a new report from Glassdoor, more money.
Over a third (35%) of the 750 hiring decision makers in the United States and the United Kingdom surveyed by Glassdoor expect more employees to quit over the next 12 months. Salary was the top reason employees leave, according to the study with hiring executives saying that 45% of those leaving cite that, followed by career advancement opportunities, benefits and location.
Employees want transparency
When it comes to seeking a new job workers clearly want to see salary ranges listed in employment ads. In fact, a separate 2017 Glassdoor survey showed that 98% of job seekers and employees said it would be helpful to see pay ranges included in open job listings.
Despite that, research conducted by the jobs and recruiting site showed that fewer than one in 10 online job listings includes salary ranges. That's not just confusing for job seekers. It also leads to problems for the companies doing the hiring as 37% of hiring decision makers say retention rates would increase significantly if new hires were better informed during the hiring process.
"If candidates were better informed about how their pay and career could progress during the initial job search and recruiting process, they would be less likely to take a job that turns out to be a bad fit," said Glassdoor Chief Human Resources Officer Carmel Galvin in a press release. "Recruiters and hiring managers need to manage expectations and use all channels available to them to communicate with potential candidates to ensure pay realities meet expectations."
It's not just about salary
Money is important, but so is career path, culture, fit, and other factors. A separate study by Glassdoor Economic Research found that employers with better overall Glassdoor ratings are more likely to retain employees.
"There is almost always going to be a rival firm that could potentially pay your best people more," said Galvin who noted that his company's research as well as other studies "confirm that company culture matters more than pay as a driver of long-term employee satisfaction and engagement. If you can improve your workplace culture and offer people career advancement opportunities, this will help you hold on to people longer."
This is good for workers
Whether you actually quit your job or not, having increased options benefits workers. If the job market remains strong companies may be forced to do a number of things employees want. This could include listing salary ranges in job ads and improving working conditions and office culture in order to retain employees.
In many cases, though, as an employee, the best way to get more money, better benefits, or whatever else you might want is to have leverage. That may mean looking for a job and being willing to leave for the right offer could be your easiest path to getting everything you want.
The Motley Fool has a disclosure policy.