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One-quarter of CFOs lost good employees to job that paid more

Staff writer |
The U.S. Bureau of Labor Statistics recently reported 2.7 million people quit their jobs in February, up by nearly a quarter million year over year.

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A separate research suggests below-market compensation could be one of the causes of continuing turnover.

In a new survey from global staffing firm Robert Half, one in four (25 percent) chief financial officers (CFOs) interviewed said he or she has lost a good employee in the past year to a job that paid more. This comes on the heels of previous Robert Half research, which found salary was the top reason people quit their jobs.

The survey was developed by Robert Half, the world's first and largest specialized staffing firm, and conducted by an independent research firm. It is based on interviews with more than 2,200 CFOs at companies in more than 20 of the largest U.S. markets.

"Highly skilled professionals have options in the current hiring environment," said Paul McDonald, senior executive director for Robert Half.

"To attract and retain employees, businesses must proactively benchmark salaries and ensure they are offering competitive pay. If a manager can't recall the last time wages were evaluated, it's probably been too long."

Noting that 75 percent of executives haven't lost a good employee in the past year due to compensation, McDonald said, "Many organizations understand the value of offering attractive salaries and have already taken steps to ensure their compensation remains competitive; however, for others it may just be a matter of time before a key employee walks out the door for more money."

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