by Elizabeth Smythe on July 27, 2011

posted on boyce recruitment updates,

Salary deemed more important than job satisfaction

British workers find higher salaries more important than job satisfaction, according to a study by the Chartered Institute of Personnel and Development (CIPD).

The survey of 2,000 workers found that over half would change their job due to increased salary opportunities elsewhere, so says Management Today.

In what reveals a telling attitude change over the last year, those looking for jobs in London may agree, 54 per cent of people confessed that this was the main reason for job hunting. Only 42 per cent said that job satisfaction was the most important contributing factor.

However, in 2010, 61 per cent of those surveyed said that being happy at work was most important to them compared with just 48 per cent who prioritised money.

The CIPD says that this comes as no great surprise, as inflation has risen by 4.2 per cent yet the average pay increase stands at two per cent; affecting many workers’ standard of living. In response, it is urging employers to equip line managers with the skills necessary to support staff who have financial worries. 

Commenting on the findings, Ben Wilmott, CIPD senior public policy advisor, said that those under financial pressures were far more likely to be stressed at work and employers should also highlight the value of total reward packages. 

Wilmott told Personnel Today: “Employees are feeling the squeeze…It is therefore in employer’s interests to support employees in tough times. Employers should also focus on communicating the value of their total reward package to employees.”