Of the 41% of marketers who took part in PMW’s Workforce survey that are actively looking or considering a new job, salary is the main temptation for considering a move, with almost six in 10 (58%) stating they are chasing higher pay.
But PMW has found that higher pay alone is far from the only reason our respondents are looking to jump from their current role – and given that two-thirds of them have been at their current organisation three years or less, it’s clear that other aspects of their working life and indeed career are on their minds.
With 47% looking for a better work/life balance and 42% looking for better training and development opportunities, there is indeed more to a performance marketer’s working life than simply money.
General career progression is also a theme we’ve seen, with almost three in 10 seeking a more senior position, and despite the small number, a fifth stating they are looking to change their career.
“Right now, more money may convince me to SLIGHTLY compromise on my work life balance. Plus if an employer doesn't seem to care about my health and wellness – goodbye employer.”- PMW survey respondent
Paying to stay – will it work?
For organisations, paying to retain creates as many problems as it solves, particularly if this will mean an imbalance in pay across teams, as well as closing up pay scales towards that of more senior managers - some reported requests for increases of more than 50%. There’s also the recognition that a salary bump can sometimes do little more than stave off the inevitable departure in the near-term.
“What we've tried not to do is to react piecemeal and to just knee jerk, in terms of a role or paying someone to stay. In my experience it just doesn't work. If someone has the intention of leaving, and you give them [more money], the chances are they're still going to leave and you've just got salary inflation."- Anne Stagg, UK CEO, Merkle
And our survey indicates this to be the case. Put simply, more money is a definite temptation, and 58% would consider staying for a salary bump, while 27% would give it some thought in return for a bonus scheme. Given that more of our jobseeking respondents are considering a new role rather than in hot pursuit.
But given the investment in training, wellness and technology to encourage flexible working we have seen in the industry, it’s clear that this often ‘knee jerk’ reaction to keep talent will in reality only paper over the cracks and is unlikely to secure them in post long-term.
Progression, progression, progression
More than a third of potential or active jobseekers (36%) told us that better training and development opportunities would help keep them in their current organisation, while 29% would consider staying if their employer offered a new role that allowed them to change direction.
Given the tenure of three years or less for most of our jobseeking respondents, career development is something that is actively being sought, as well as security, as a quarter would be tempted to stay if they were given a better understanding of the company’s future strategy and performance.