Half of employers openly disclose company-wide salaries
TORONTO, Sept. 17, 2014 /PRNewswire/ -- At what salary level would you consider yourself successful? Have you already hit that target? If not, don't worry. You're in good company. A new Careerbuilder.ca survey found that the majority of workers (71 per cent) say they do not currently make their desired salary.
The Canadian national survey was conducted online by Harris Poll on behalf of CareerBuilder.ca from May 13 to June 6, 2014 and included more than 400 hiring managers and human resource professionals and more than 400 workers across industries and company sizes.
The survey found that men are more likely to be satisfied with their annual take-home. Thirty-one per cent of men reported they currently make their desired salary, compared to 28 per cent of women.
Additionally, older workers are more likely to have reached their desired salaries, though most still feel that they fall short. Twenty-two per cent of workers ages 18-34 say they earn their desired salaries, compared to 29 per cent of those ages 35-44, 30 per cent of 45-54 year olds, and 37 per cent of workers ages 55 and up.
Fifty thousand dollars a year may be a tipping point when it comes to salary satisfaction. Twenty-two per cent of workers who currently make less than $50,000 a year say they currently earn their desired salary, compared to 42 per cent of those making $50,000 a year or more.
"Success is often measured differently by individuals, and can include many factors such as career stage, office space, access to leadership, etc," said Mark Bania, Director of CareerBuilder Canada. "Our data shows that, regardless of other factors, salary and the desire to increase it, keeps many employees engaged and motivated."
So how much are employees hoping to earn? When asked what salary level they feel they need in order to be successful, employees said:
- Under $30,000 – 5 per cent
- $30,000-$39,999 – 10 per cent
- $40,000-$49,999 – 15 per cent
- $50,000-$59,999 – 16 per cent
- $60,000-$69,999 – 15 per cent
- $70,000-$79,999 – 10 per cent
- $80,000-$89,999 – 7 per cent
- $90,000-$99,999 – 5 per cent
- $100,000-$149,999 – 11 per cent
- $150,000-$199,999 – 2 per cent
- $200,000 or more – 4 per cent
Getting the Raise
One way employees move themselves closer to their desired take-home is by asking the boss for a raise. While less than half (45 per cent) of workers have ever asked for a raise, three in five (61 per cent) of those who have say they received the raise. Men are not only more likely to ask for a raise, but those who do ask are also more likely to receive one than their female counterparts. Fifty per cent of men say they've asked for a raise, and of those men, 70 per cent say they received the raise, compared to 41 per cent of women asking for a raise, with a 53 per cent success rate.
Openly Disclosing Salaries
The survey also suggests that employers have taken to the idea of openly disclosing salaries more quickly than employees have. While 43 per cent of workers say they would want their company to openly disclose the salaries of all workers in the firm, 65 per cent of employers say they view disclosing salaries as a positive thing. In fact, half (51 per cent) of Canadian employers say their organization already openly discloses employee salaries, and 44 per cent say the salary is typically disclosed in initial job postings.
Employers who view disclosing salaries as a positive thing say it can help ensure pay equality (60 per cent), dispel wrong assumptions and rumors (51 per cent), and ensure better pay (45 per cent).
This survey was conducted online within Canada by Harris Poll on behalf of CareerBuilder.ca among 431 Canadian hiring managers (employed full-time; not self-employed; non-government) and 422 Canadian employees ages 18 and over between May 13 and June 6, 2013 (percentages for some questions are based on a subset, based on their responses to certain questions). With a pure probability sample of 431 one could say with a 95 per cent probability that the overall results among Hiring Managers have a sampling error of +/- 4.72 percentage points. Sampling error for data from sub-samples is higher and varies. With a pure probability sample of 422 one could say with a 95 per cent probability that the overall results among Canadian employees have a sampling error of +/- 4.77 percentage points. Sampling error for data from sub-samples is higher and varies.
CareerBuilder.ca is a leading job site in Canada. Owned by Gannett Co., Inc. (NYSE: GCI), the Tribune Company, The McClatchy Company (NYSE: MNI), CareerBuilder.ca powers the career centers for more than 250 Canadian partners that reach national, local, industry and niche audiences. Job seekers visit CareerBuilder.ca every month to search for opportunities by industry, location, company and job type, sign up for automatic e-mail job alerts, and get advice on job hunting and career management. For more information about CareerBuilder.ca products and services, visit http://www.careerbuilder.ca.