Raise or Recognition? Korn Ferry Survey Finds Professionals Split on Whether they Want to Get Paid More or Promoted
January 14 2019 - 08:00AM
Business Wire
-- Nearly a Third Say They’d Look for a New Job
if Passed Over for Promotion ---- “Bottleneck or Nowhere to Go” Top
Reason for No Promotion, Followed by “Politics” --
When considering what reward matters most in the workplace,
professionals are split on whether they prefer recognition or extra
compensation. That's according to a new Korn Ferry (NYSE: KFY)
survey.
In the December 2018 survey, 45 percent of professionals said
they would prefer a promotion with no raise, with 55 percent saying
they would prefer a raise with no promotion.
“Appropriate compensation is key to a professional’s job
satisfaction, but at least as important is recognition for a job
well done. This is critical for motivating and retaining your
talent. One of the most visible forms of recognition is a
promotion,” said Dennis Baltzley, Korn Ferry global head of
leadership development solutions. “Organizational leaders must
set expectations of constant learning, and this means development
and career plans at all levels, so employees see a path for
broadening, deepening, or advancement.”
Unfortunately, according to the survey, many organizations are
not doing an adequate job of creating clear advancement
opportunities for professionals. Nearly two-thirds (61 percent) of
respondents who did not get a promotion within the last 12 months
cited “bottleneck or nowhere to go” as the main reason. Seventeen
percent said “office politics” got in their way of moving up the
ladder.
Half (50 percent) of respondents said they will not ask for a
promotion this year. Of those respondents, nearly a third (28
percent) admitted they are not ready for a promotion, and 15
percent said they are afraid and don’t know how to ask.
If they were passed over for a promotion, nearly one-third (31
percent) said they’d be on the job hunt, either immediately or as a
passive job seeker.
In terms of timing for promotions, 44 percent said they thought
it was appropriate to be promoted after 2-3 years on the job. About
a quarter (24 percent) said they should get a promotion after 1-2
years in a role, and 7 percent felt they should be promoted even if
they’ve been on the job for a year or less.
“The key to job progression is ongoing development and coaching
to ensure professionals are receiving feedback in terms of how they
are doing in their current role and what they need to do to be
ready to take on added responsibility,” said Baltzley. “And
even if an employee is not yet ready for the next role, knowing
that there is potential for a promotion to a more challenging role
is an excellent way to retain top talent.”
About the Survey – The Korn Ferry survey was conducted in
December 2018 and garnered 1,327 responses.
Survey Responses:
Would you rather receive:
A promotion with no salary increase 45 percent A salary increase
with no promotion 55 percent
Did you receive a promotion in the last
12 months?
Yes 34 percent No 66 percent
Do you expect to receive a promotion
within the next 12 months?
Yes 40 percent No 60 percent
Will you ask for a promotion in the
next 12 months?
Yes 50 percent No 50 percent
If you are not asking for a promotion
in the next 12 months, what is the top reason?
I’m afraid, don’t know how to ask 15 percent I’m not ready for a
promotion 28 percent I have recently received a promotion 57
percent
If you haven’t received a promotion in
the last 12 months, what’s the most likely reason?
Office politics 17 percent I’m not yet qualified 10 percent
Bottleneck, nowhere to go 61 percent Unwillingness by my company to
offer compensation tied to the promotion 12 percent
How long (on average) do you expect to
stay in a role before being promoted?
A year or less 7 percent One to two years 24 percent Two-to-three
years 44 percent Three-to-five years 22 percent More than five
years 3 percent
If you are passed over for a promotion,
would you:
Quit with no job prospect 2 percent Immediately look for a new job
12 percent Become a passive job seeker 19 percent Identify the
reasons and work to improve 66 percent Take no action 1 percent
What is the most likely action you
would take if you wanted a promotion?
Have a conversation with my boss and identify growth areas 77
percent Get a new job offer and hope my company counters with a
promotion 3 percent Work longer hours 0 percent Take on more
responsibility 20 percent
About Korn Ferry
Korn Ferry is a global organizational consulting firm. We help
clients synchronize strategy and talent to drive superior
performance. We work with organizations to design their structures,
roles, and responsibilities. We help them hire the right people to
bring their strategy to life. And we advise them on how to reward,
develop, and motivate their people.
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MEDIA CONTACTTracy
Kurschner612.309.3957Tracy.Kurschner@kornferry.com
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