Increase in demand for pay increases and promotions
For an employee to be productive, they need a combination of factors in place – a good work/life balance, a positive working environment and adequate pay.
While all three factors are important, pay remains the hottest topic for employees. A worker who feels like they aren't paid enough will often be disengaged, unmotivated and are more likely to begin looking elsewhere for better opportunities.
And if the results of a recently released survey are anything to go off, more employees are taking their grievances to the top. Accountemps surveyed more than 2,100 chief financial officers (CFOs) to find out whether the number of employee requests for pay rises or promotions had changed in the past two years.
A total of 44 per cent of respondents indicated that their numbers had stayed the same. However, 43 per cent of CFOs said that more employees are coming forward to press their claim for more pay and higher roles.
Just 11 per cent of respondents noted a decrease in the last two years.
One theory for why this is occurring is that demand for skilled employees is increasing and workers believe they have the power to dictate their future job prospects.
Bill Driscoll, a district president with Accountemps, explained that smart employers will understand the importance of the payroll to remain competitive in the recruitment market and retain talent. He suggested that rewards and remuneration should also be on the table as options.
"It's better to be prepared than surprised by an employee's request for a raise or promotion," Mr Driscoll said.
"Now's the time to proactively connect with key team members to identify advancement opportunities and discuss viable career paths."
With employees more confident to challenge higher management on pay and promotion, it is going to be vital for businesses to take every approach seriously and assess each on its merits.