A recent article from the Associated Press that I originally saw in the San Mateo Daily Journal noted that workers’ willingness to quit is now at a 17-year high. Considering the persistent low rate of unemployment and fairly slow wage growth, it’s not surprising.
Some companies are taking steps to proactively raise pay for at least some of their employees. Nike, for example, is raising the pay of 7,000 employees. They want to ensure there’s pay equity among men and women, which is essential today. But, they are also raising pay for some men, too. I suspect it’s because they know these people could quit and go get another job for more money somewhere else.
There are also stories of employees standing up to management and saying they want more money for the work that’s being asked of them. Here’s an example of that from Forbes.
My point is this: You may think your employees are happy with what they are being paid, but don’t take it for granted. This is an unusual environment you are leading in today and employees have a strong hand. It’s quite possible they are either thinking of asking for a raise or looking elsewhere to get one. I recommend that you do a serious review of your pay across the board and determine if people in your company deserve a raise. It will be to your advantage to make the first move.