Nearly 25% of U.S. workers said they were looking for another job, marking a 7.6% increase from last quarter. Only 43% of U.S. workers reported a “high intent” to stay at their current job. Business confidence is up 2.6% from Gartner’s report in Q4 2018.
Many factors lead employees to look for new employment, but an increase in compensation remains one of the top reasons why people seek out greener pastures. Because of this, employers offer pay increases to attract new talent. According to new data from Gartner, American employers may be overpaying new hires.
Earlier today, Gartner released its 1Q19 Global Talent Monitor, which estimates that while U.S. workers would be willing to change employers for a 10% pay increase, most employers offer an average increase of 15% to attract new talent.
Brian Kropp, group vice president in the Gartner HR practice, said that 5% difference can lead to more than just higher wages for newcomers. “Not only are U.S. employers often paying too much to new workers, but once tenured employees discover discrepancies between their salaries and those of new colleagues, they may be more inclined to look for another position elsewhere,” said Kropp.
Drawn from Gartner’s larger
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