According to the Wall Street Journal, “71% of top performers listed pay among the top three reasons they would consider leaving their employer.” Read my ASCII, it is about the money, honey.
Of course, middle managers, board of directors, and growth-focused c-suite chiefs would prefer to try anything short of money, “in a sister survey . . . employers thought promotion and career-development opportunities were more important.”
I couple jobs ago, I was surrounded by the smartest young marketing junior executives I have ever met. These were not merely top performing marketers but new media marketers focused on online buzz marketing. Low pay was a constant complaint.
The management team thought this was code for something else, like happiness or workload; actually, it was about value, but “value” in this case was valuation.
Even though this new media marketing company won sundry awards for being a great place to work, the best-in-breed left.
Indeed, it is about money, it was about money, especially when signs of wealth are hemorraging from the c-suite and the management team, the only words worth saying are, “show me the money.”
According to the CEO, the pay scale was competitve and industry-based. I didn’t ever buy it.
Competitve to what? And what industry? Maybe to main stream media and old media marketing and PR, but surely not when it comes to new media PR and online buzz marketing, where six-figure salaries are normal for twenty-somethings.
Comments (5)
This piece hits the nail on the head!
Salary is very important, especially to 20 and 30 somethings who are trying to build the foundations for their career.
Let’s face it, how much you make is (for the most part) an indicator of how desired in the marketplace.
Wow, where can I get some of these twenty-something studs for my company?
I have to agree. Chris, as an avid read, this particular post is of special note. A significant amount of employees who do their research and realize they are not being fairly compensated will take that as a sign of failure or even that they are not wanted.
It is best to correct these misbeliefs before the exodus of more employees begins. The comment above is very accurate, especially with regards to how these salaries are setting the benchmarks for their careers moving forward.
Now let’s hug it out.
Thanks, Marty, for starting the ball rolling. You are very right about this. What you get paid indicates your career arc. What is the first thing that a recruiter, headhunter, or HR asks when you meet for a new job? What was your last salary? Also, once someone is in a job, the only way to make any sort of jump that isn’t incremental is to jump ship and find another job. HR and C-Suite tends to say, “this is the way it is done,” but I know lots of CEOs and HR Directors, and when they’re hungry enough, they can make things happen. Even the company that tows the line on, “this is what the position pays” and “we don’t have it in the budget” has made that exception for someone else.
Johnny Mneumonic, I could tell you where you can find “these twenty-something studs” but if I do, I am sure my name will be mud.
Consider guessing. If you can’t guess, then you’re neither smart enough nor good enough to actually employ these wunderkind.
Hallelujuah! Chris Abraham strikes again.
I can’t say it enough…if a company continues to receive accolades regarding its status as a top performer and fastest-growing company - who’s to thank for that? Not only is it management, but it’s the talent underneath them that make management look good.
With increasing demand for top performers, managing and retaining top talent remains a critical issue for business leaders. If you lose up to 15% of your staff in a matter of months, rethinking your compensation strategy is a no-brainer.