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Many employers mistakenly believe that their employees are leaving the company for more pay, but in actuality, a pay increase only accounts for 12% of employee job changes. More and more, financial compensation is becoming just one of many incentives that can make or break how well a company meets its goals and retains its best workers.
Alternative incentive programs can take many forms: health and welfare benefits programs, additional leave, community impact programs, gifts or merchandise, and more. But, according to The Korn Ferry Hay Group’s Alternative Employee Rewards study published this year, career development is quickly becoming the most important consideration for mid-level employees when deciding to make a career move. A well-structured and maintained career development program is now a key component to whether or not your company will be considered an “employer of choice” among high potential job applicants, and even your current talent pool.
“These findings underscore what we are seeing with our clients and their focus on putting together career development frameworks across the entire organization – from the staff support ranks up to executive levels,” said Tom McMullen, rewards practice leader at Hay Group. “Even within the upper echelons, career—and leadership—development opportunities are critical to developing the competencies that can help elevate employees to the C-suite or prepare them to take on new functional roles.”
A recent Gallup study released last year indicated that roughly 50% of the adults surveyed left their last job in order to “get away from their manager.” Given this statistic, having a healthy career development program in place in your company can give your key employees a place to go inside your organization when their current team is not working for them interpersonally, or they feel they haven’t had a chance to showcase their true potential.
Growing and improving your company’s career development strategy can take time. In the short term, today’s employees still appreciate monetary rewards. Many companies today utilize spot cash reward programs for short-term goals reached. On the executive side, capital accumulation and retirement programs are popular. All of these different programs can be a part of your company’s overall compensation package and will go a long way to make your brand a name that is known for its desirable work environment.