In the last 12 months, 6% of people working in the insurance sector have received a pay rise, according to a survey.
30 JANUARY 2015 | BY CINTIA CHEONG
A poll of more than 1,600 respondents revealed that nearly half (49%) of insurance workers received their last pay rise more than three years ago. Another 38% received a pay rise one to two years ago and 7% received a pay rise in the last two to three years.
Of those who had changed employer, 45% said it was because of there being better prospects elsewhere. Another 40% of workers wanted a better salary, while 27% respondents said boredom with the current role was the main reason for the change.
The report revealed job satisfaction was the most important aspect for 41% of insurance practitioners, and a good work-life balance was most important for 31%. According to REED, salary package was no longer the most important aspect, with just 12% of workers saying pay was their top priority.
Tom Lovell, group managing director at REED, said: "Employers need to start taking action and think more widely than just the salary package."
If respondents were given their time again, 45% reported they would choose an entirely different career path. Of those, 42% said this was because they wanted better pay and benefits, while another 38% said it was due to job satisfaction.
Lovell said: "In a candidate-led market such as this, employers in insurance need to think hard about how they attract and retain staff. What this research shows is that although salary is very important, now we're out of the recession it's no longer just about pay - employers need to consider many other factors, such as flexible working and how they can offer the greatest job satisfaction."