Increased compensation counters quiet quitting trend

Increased compensation counters quiet quitting trend

Organisations understand “quiet quitting” to be mislabeled work and life balance.

The concept of "quiet quitting," often misconstrued as laziness or disengagement, is being met head-on by organisations through a proactive strategy: increasing employee compensation, according to Amy Stewart, Associate Director of Content and Editorial at Payscale.

Stewart explained that quiet quitting, a term born out of social media, doesn't imply employees are preparing to leave their jobs, instead, they are responding to hustle culture.

"It technically means that employees are responding to hustle culture. They choose not to go above and beyond because the business pressures them to without being duly compensated for that work,” she said.

Stewart shared that one of the primary responses has been the adjustment of compensation strategies. "We have seen an increase in compensation management as well as pay increases for employees in the last couple of years," Stewart stated. 

She highlighted that 2023 is likely to be a record-breaking year in terms of the scale of these pay increases, a trend expected to continue into 2024.

She added that the balancing act between workplace flexibility and compensation is another critical aspect of this dynamic, with around 58% of companies opting to continue with traditional or hybrid models, recruiting employees within commuting distances. 

"This means that the methodology for compensation is not really going to change if those organisations are using market-based pay," Stewart noted. 

However, she points out an emerging trend among the 11% of organisations moving towards remote-first or fully remote models. These organisations can expand their talent pool and adapt their compensation methodologies, potentially attracting workers from diverse locations worldwide.

Payscale's survey has revealed interesting findings regarding organisational performance and future strategies. "Organisations have been reporting lower voluntary turnover compared to the great resignation of 2021," Stewart said. 

The 2023 report showed a drop in voluntary turnover to 25% from 36% the previous year, with expectations of a further decrease in the upcoming report.

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