Data reveals the expectations employees have of wages and raises amid inflation
A new survey reveals 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 CareerBuilder 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%).
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