Revamp: 'I've just had a brief look at the new website. I have to say it looks fantastic! Congratulations to all concerned on the obvious hard work put in.'
10/06/2015
Ensuring pay remains competitive as workers move through a grading structure is essential for staff retention, according to research reported in the Harvard Business Review. It finds that a 10% increase in base pay is associated with a 1.5 percentage point increase in the likelihood that an employee will stay with their current company when they are eligible for promotion.
The reports’ author, Andrew Chamberlain, chief economist at jobs site Glassdoor and director of research at Glassdoor Economic Research, says:
‘The lesson is that in the long-term, employee won’t stay for new job titles alone. As they assume new responsibilities on their upward paths, compensation should rise along with career arc.’