this post was submitted on 03 Aug 2023
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Think of the last job you quit. Would a 5% raise change anything?
A ping pong table is an asinine thing to give, but the point of "more money doesn't make you stay" has been proven by many studies.
When you quit a job because it doesn't pay enough it's not a matter of a small raise, it's a normally a big jump in pay. Until you get to substantial raises, like 10-20k a year, you aren't really worried about the pay as much as your direct supervisor and the work load. A bump from 60k a year to 61k a year won't make you stay in a job you hate. 60k to 100k might, but that's not just a raise, that's a different class of pay.
1.) A 5% raise doesn’t even cover inflation.
2.) No one who is serious about wanting a pay raise to stay is asking for an 67% increase in pay.
3.) Leaving because of pay is typically because someone is offering substantially more money/better benefits for a similar position.
4.) You have it backwards you definitely worry about raises in pay, especially before you get a raise of $10-20k.
5.) As someone who has made 60k/yr a raise of 6-10k would be more than enough incentive to stay. It would easily outpace inflation and reward someone who is doing well.
This isn't me just saying stuff.
https://www.payscale.com/research-and-insights/employee-turnover-pay-raises/
The long and short of this is that getting a raise doesn't stop someone from looking for a new job or increase satisfaction with the company. Worse, if you ask for, say $10 more and hour and they give you $8 you are less happy than if you get no raise.
Paying people well is important, and people say it's a primary motivator, but it isn't as important as they think. Bad bosses, bad work environments and unsatisfying work are bigger factors than pay raises.
Hey, I read the source, can you cite your summary of
I dont see it anywhere.