Mon, 10 Jan 2011
Half of all employees feel their level of pay does not reflect their value to the company they work for, according to new research.
A survey by the Institute of Payroll Professionals (IPP) found many respondents feel they are undervalued in the workplace, while six per cent believe they are receiving a wage considerably lower than they deserve.
Companies wanting to retain their best talent may need to raise their remuneration packages as a result, as this could prevent top employees from leaving to work for competitors.
The research also showed two-thirds of a workforce would ask for a pay rise if they found out a colleague with a similar role within the firm was being paid more than they were, while one in five would threaten to leave if their remuneration demands were not met.
Chief executive of the IPP Lindsay Melvin said enterprises that are not in a position to offer a pay rise can still take steps to retain their top workers in the current financial climate.
"There are other viable alternatives to help retain staff and preserve employee loyalty," he remarked, noting "offering an attractive and flexible employee benefits and rewards package" is a good way to get personnel to stay.
Mr Melvin added that as the economy and the jobs market are beginning to show signs of improvement, it is "important for employers to ensure that their staff do not feel undervalued".
Earlier in the month, a new report from StepStone Solutions warned firms that do not put the needs of their employees first will fail to keep hold of them as the economy recovers.
Based on research of a thousand businesses, read more about how nurturing talent amongst your workforce will help you through the current economic climate. 
Thanks for your help,
The learndirect team