(MENAFN- PR Newswire)
NORWALK, Conn., Sept. 22, 2022 /PRNewswire/ -- Amid high inflation and full employment, most workers (62%) are expecting to get a pay raise this year, and two in five (41%) expect that raise to be larger than what they received last year. While the majority (58%) of workers are expecting a pay raise of 5% or less, nearly half (45%) say they would not be happy or satisfied with a pay raise of less than 6% of their salary. These findings are according to an OperationsInc survey of 1,000 U.S. adults employed for wages as of September 7, 2022.
Expectations for increases this year differ widely between men and women. Nearly three in four male employees (73%) expect to get a pay raise at the end of the year, while only half of female workers (49%) expect the same. Men are also far more likely to expect larger raises than last year (47% vs 35% of women), a pay raise of greater than 6% (47% vs 19% of women), and a year-end bonus (60% vs 41% of women).
Nearly three in four male employees (73%) expect to get a pay raise in Q4 2022 vs half of female workers (49%).
'Winning the war for talent can't be about paying more. Employers who have paid what the market demanded this year now have issues with pay equity and overall compensation structures,' says OperationsInc CEO David Lewis. 'Companies need a multi-faceted strategy, developed alongside experts , designed to attract and retain, where employees are asked what they value, resulting in an approach that meets everyone's needs.'
Additional findings from the survey of 1,000 U.S. workers show that:
- Half (50%) of workers surveyed say they will or may look for a new job in the next six months. Within this group, one in two (49%) say that a higher salary is the top reason they plan to look for a new job.
- More than half (54%) of men say they would not be happy or satisfied with a pay raise of less than 6% this year vs just over one-third (37%) of women, and nearly one in five (18%) men vs one in 10 (11%) women say they would not be satisfied with a raise of less than 10%.
- Men (22%) were almost twice as likely as women (12%) to say they received a pay increase or increase in benefits to return to the office.
To view additional findings from the OperationsInc survey, download the full report .
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