HALF OF EMPLOYEES FEEL THEY ARE PAID LESS THAN WHAT THEY ARE WORTH, ACCORDING TO IPP RESEARCH
23 March 2010
Half of employees feel they are paid less than what they are worth, according to a survey by the Institute of Payroll Professionals (IPP).
The research found that many workers are feeling undervalued at their job, with six percent claiming they are being paid considerably less than what they deserve.
Other findings revealed that nearly two-thirds of employees would ask their employer for a pay rise if they knew that a colleague in a similar role was getting paid more.
Interestingly, one in five workers would go as far as to threaten to leave their company but would stay if they were offered a pay rise.
Mr Lindsay Melvin, Chief Executive of the IPP, said: “As the economy starts moving in a positive direction, people will start feeling more secure in their jobs and fears of redundancy will decrease.
“Employees who were unhappy in their jobs during the worst part of the recession may start looking for other opportunities elsewhere. Therefore, it is important for employers to ensure that their staff do not feel undervalued.
“Even if an organisation is not in the financial position to offer pay rises this year, there are other viable alternatives to help retain staff and preserve employee loyalty.
“One such example is offering an attractive and flexible employee benefits and rewards package. If used in conjunction with salary sacrifice, these schemes not only provide staff with benefits such as childcare vouchers, health and dental insurance and gym memberships, they also offer considerable tax savings which can help employees’ salaries go further.”