Salary & Benefits – Top Drivers for Job Changes and Talent Retention
Year after year, Salary & Benefits remain the two most influential factors for candidates considering a job change. Are employers paying enough to attract and retain talent?
Based on MBS Advisors’ 2021 Plastics Salary Survey, 19% of respondents are either actively seeking a new job (13%) or very likely to seek a job change (6%) within the year. If you are in search of talent, potential candidates willing to relocate represent an even smaller percentage.
It should be common knowledge by now that it is cheaper to retain your current staff than it is to hire and train a new employee. If you hope to retain your workforce, it’s good to know that 73% of respondents are satisfied with their current job. With 16% responding neutral and the remaining 11% of respondents dissatisfied with their current job, it’s only a matter of time before your competitors up the ante to entice your talent. Employee recognition goes a long way in combating your competition from luring your talent away and retaining the people you have already invested in.1
Average 2020 salaries and bonus pay for 73 titles/positions in plastics manufacturing are available here for free. Please join our mailing list to be included in next year’s survey.
Key Trends observed in MBS Advisors’ 2021 Plastics Salary Survey
Likelihood of a Job Change in 2021
50% not likely to seek a job change
31% somewhat likely to seek a job change
6% very likely to seek a job change
13% actively seeking a new job
Employee Satisfaction
73% – Satisfied with their current job
16% – Neutral
11% – Dissatisfied with current job
Covid Impact*
46% – Increased production or added shifts
28% – No Change
23% – Temporary Plant Closures
18% – Layoffs
1% – Permanent Plant Closure
* Respondents allowed to select multiple answers
1. 6 Statistics That Confirm Employee Recognition and Retention Are Related