Employers were asked in the 2018 Salary Survey in regards what they thought are the key factors which drive employee turnover. Higher pay was of course one of the main drivers, but the importance of pay differed greatly from sector to sector. Pay was considered the number one driver in the finance and banking sector by 26% of respondents. However, higher pay was down the list in regards drivers in the ICT Sector where career advancement opportunities was by far, the number one driver in regards employee turnover.
However, when we ask employees the same question, there is a divergence in views. 19.5% of employees in the Finance & Banking sector quote pay as a key driver whereas 26% of employers in this sector feel the same. In fact, career advancement is more important in the Finance & Banking sector, which should provide interesting food for thought for employees in this sector. In the ICT sector, employers agree with employees that career advancement opportunities are ranked higher than higher pay by most employees in this sector.
Higher pay has the biggest impact in the Pharmaceutical and Aviation Sectors in regards a key factor which drove employees last move, according to employees in these sectors. Career advancement opportunities are also the main drivers in the Legal, Marketing, HR, Education, Consulting and Advertising sectors, having a much stronger weight than higher pay in these sectors. Employers in these sectors should take this into consideration when devising strategies in regards attracting and retaining staff.