Study On Employee Retention Finds 80% Who Asked For A Raise Were Successful

You can’t go anywhere without seeing ‘Now Hiring’ signs. Finding and retaining employees is the biggest obstacle facing employers currently. But if you’re looking for a job or a raise this might be the best time for you. Joblist recently conducted a poll of employers and employees on what steps they are taking to retain the talent they have.  Or in the case of the employees asking what their employers could do to improve employee retention. One surprising finding from the study? 80% of those who asked for a raise were successful. I’ll be right back going to go track down my boss ASAP. 

Other notable findings from the employee retention survey include:

• Employers have lost 4 employees, on average, in the past six months and 29% are fearful of losing more employees in the next six months
• 57% of employers believe they will be successful in preventing further employee turnover
• When asked, employees say the top things employers can do to prevent turnover are:
  • Change or improve benefits (70%)
  • Allow flexible scheduling (64%)
  • Allow employees to continue working remotely or hybrid (62%)
  • Offer unscheduled raises or promotions (59%)
• 41% of employees report asking for a raise in the past three months, and 80% of employees who asked for a raise were successful, receiving an average of 5% more pay

• Losing Staff

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  If you're business is losing staff you're not alone. Some are calling it "The Great Resignation". Reasons for employees leaving include burnout, better opportunities, more money, and more.

• Changing Course

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  Flexible scheduling seems to be the most desired, and thus provided, benefit employers are offering. Many are also offering the option for remote work which remains in high demand since the pandemic.

• Handling Raise Requests

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  15% of employees have asked for a rasie in the past few months. And with salaries increasing nationwide it's hard to say no. And with 36.6% of those who were denied more money leaving, can you afford not to give it?
• Turnover From An Employees POV

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  Team bonding events are the least effective ways to retain employees. Things like good benefits, remote options, raises, are flexible scheduling are the most desirable. I was also shocked to see that 58% of people had left their job in the last 6 months. It really is an employees market these days.

• Reasons For Leaving

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  This one in a way shocks me as after so much time at home I was ready to get back out and about. But employees these days want to work remotely, and it does have its benefits. Most other reasons could be considered typical. It's worth noting that over 1/3 reported not wanting to receive the covid vaccine as a reason for leaving.

• Raise Requests

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  A 5% raise was standard for those who asked. Surprisingly millennials were least likely to have requested a raise. The best strategy to be successful? Doing your research and having data to back up your worth.

Read the full study here