A new survey of Management salaries has revealed a sharp increase in labour turnover - from 3 per cent in 2005 to 4.6 per cent in 2006. What is more, requests for internal moves rose from 1.4 per cent to 4.9 per cent in the same period.
According to the Chartered Institute of Management, "despite an increase in earnings [around 5.7 per cent on average], the UK’s executives have become frustrated by company pay structures and a lack of job satisfaction."
A few more quick findings also suggest:
1) Over the last year 79 per cent of organisations have given bonus payments to their staff, compared to 70 per cent in the previous year
2) The average managers’ bonus is now worth 10.9 per cent of their salary, compared to 10.4 per cent the previous year. Directors’ bonuses are worth 38.9 per cent of their salary (38.6 per cent in last year’s survey)
3) More than half the organisations (55.1 per cent) reported retention problems in the 2006 survey (up from 45.4 per cent, last year) and 6 in 10 admitted difficulty recruiting.
To make amends for the apparent trend in resignations, organisations are offering a range of benefits to staff. These now include private medical cover (72 per cent), childcare vouchers (67 per cent) and life assurance of 4 times the salary (63 per cent). Almost all offer some form of pension provision (99 per cent), but the number offering contributory final salary schemes has dropped from 34 to 28 per cent.
For further brief details of the report see Resignations increase as organisations fail to meet expectations. The report itself can be purchased and viewed in part here.