Prestige and candidate attraction
Published: 29 Jan 2014
A survey conducted by legalweekjobs.com revealed that 14.9% of workers would take a pay cut of 15% it meant they could work at a significantly more prestigious company. Men were more likely than women (15.6% vs 9.4%) to report they would take the cut for a new position.
Respondents in the 25-34 age bracket were more likely than average to take the pay cut, preferring to work at a more prestigious company, even if it meant a loss in wages. The starkest difference was found among young people (aged 18-24), with more than 3 times as many male respondents saying they’d take the pay cut, compared to female workers (22% vs. 6.4%). Of all groups, young men were most swayed by prestige among respondents, young women least. Prestige was of minimal concern for the older age brackets.
From this we can see that the majority of workers are driven by considerations of income and financial security above prestige. If your competition is offering a more competitive salary than your business, you cannot merely rely on your good name to attract or retain top talent.
Survey results based upon 1002 respondents. Survey conducted December 2013