Data reveals the expectations employees have of wages and raises amid inflation
CHICAGO, June 9, 2022 /PRNewswire/ -- CareerBuilder, a global talent acquisition leader and job marketplace, shared findings from their latest survey revealing thoughts on the reality of money in today's workforce including how money matters more than time as the priority for most working adults with 66% preferring a 10% pay increase over an additional week of paid time off. Of employed adults, 47% selected a good salary alongside job security as the aspects of their current job they most appreciate.
In the survey, 89% of employed adults say they expect an annual pay increase from their company. Nearly half (46%) of employees are looking for a raise of at least 5% and one in six (16%) expect a yearly raise of 10% or more each year. When compared by gender, 57% of men expect at least a 5% raise compared to 36% of women.
When it comes to a paycheck, one job doesn't always cut it. More than one in two employed adults (53%) must work more than one job in order to make ends meet. This includes 66% of Millennials, 57% of men and 49% of women.
"In our most recent survey, the data shows that worker expectations are shifting right alongside inflation. Americans are looking for a larger than average annual pay raise at the same time we're seeing an increase in the price of consumer goods and services," said Susan Arthur, CEO of CareerBuilder. "Folks want to be able to earn a salary that matches the rising gas prices or hike in rent, for example."
Notably, 49% of employees express confidence that the rise in wages will keep up with inflation. The survey shows a significant difference of opinion amongst generations with the younger population - Gen Z (55%) and Millennials (62%) - being more optimistic about compensation than older age groups like Gen X (38%) and Baby Boomers (20%).
This survey was conducted by The Harris Poll on behalf of CareerBuilder. For more information on CareerBuilder, visit CareerBuilder.com.
CareerBuilder is a global talent marketplace that provides talent acquisition solutions to help employers find, hire and onboard great talent, and helps job seekers build new skills and progressive careers as the modern world of work changes. CareerBuilder has 25 years of experience as a talent company using technology to place people in jobs, and it is the only company with both the technology, through its online platform, and the candidates via its job site, to create a connected end-to-end experience. CareerBuilder also owns Broadbean and Workterra companies and operates in the United States, Canada, Europe, and Asia serving the majority of the Fortune 500 across five specialized markets. CareerBuilder is majority-owned by funds managed by affiliates of Apollo Global Management, Inc. and Ontario Teachers' Pension Plan Board. For more information, visit careerbuilder.com, and to learn more about our solutions for employers, visit hiring.careerbuilder.com.
Sara Skirboll | Alexia Lopez