27 Mar People want money
If you want to keep employees from jumping ship, you may have to loosen the purse strings a little.
Reason: A recent study found that the vast majority of U.S. employees (81%) are dissatisfied with the salary and benefits their employers are offering. And their unhappiness has a lot of workers considering asking for a raise or finding a new job.
In January, Indeed conducted a survey of over 1,000 employees across the U.S. to see what exactly workers want in terms of pay, and how they intend to discuss it.
Only 19% of respondents were comfortable with their current salary. While not everyone had a number in mind, 60% of employees said they wanted at least an additional $6,000 to be satisfied with their salaries.
Now, that’s a big jump, and a raise that high isn’t an option for a lot of companies. But the survey also found that 68% of employees would be willing to accept more benefits in the place of a salary increase. The most popular benefits were:
• Healthcare benefits (36%)
• Flexible work hours (35%), and
• More holiday leave (34%).
Forty-seven percent of respondents said they would either definitely or possibly ask for a raise this year, and nearly half of them plan on asking for a 6% to 10% increase. The survey also found that men were much more likely to ask for a higher raise than women.
About 40% of employees said they want higher pay to combat the high cost of living. But the majority, 60%, simply say that based on their performance, they’ve earned it. Forty percent of respondents also noted they have recently been given extra responsibilities, but no raise. About 20% feel a raise is overdue, or believe they are underpaid compared to their colleagues.
More than half (54%) of employees would consider changing jobs if that meant a pay increase. And the main reason for this comes down to how long it’s been since their employers have given out raises.
The average length of time since respondents had a pay raise is 17 months. Seventeen percent of employees have never received a salary increase at their current company.
Of course, none of this is very surprising.