A new report reveals that as the U.S. job market improves, so does employees’ confidence that they’ll get a raise.
The U.S. labor market is looking better than it has in years, with continued job growth expected this year. That’s driving high employee confidence and an expectation of a pay raise.
A new survey by jobs website Glassdoor.com found that 35 percent of American workers said that if they don’t get a bump in pay in the next year, they’ll look for a new job.
“This comes as employee optimism in the job market reaches a new high in six years, with nearly half (48 percent) of employees (including those self-employed) reporting confidence they can find a job matching their current experience and compensation levels in the next six months,” Glassdoor said in a press release.
Of the 43 percent of employees who reported anticipating a pay increase this year, half of those said they’re expecting a bump between 3 and 5 percent. And some workers are expecting a significant boost. Four percent of respondents said they’re expecting a 50 to 100 percent increase. Wouldn’t that be nice?
The survey also found that overall, 62 percent of respondents think men and women don’t receive equal pay. Not surprisingly, more women (75 percent) than men (50 percent) believe that gender pay inequality continues to thrive in the workplace.
Glassdoor career and workplace expert Rusty Rueff said in a statement:
Overall, it is a time of reckoning; one in which employers should use the start of the new year as an opportunity to re-evaluate internal pay structure, fix pay inequalities that exist, and be transparent with employees about how compensation and pay raises are determined. Employers that do this well will reap positive recruiting and retention rewards, and those that don’t will put themselves at higher talent retention risks.
Other survey highlights include:
- Job security. Just 13 percent of workers, the lowest percentage in six years, said being laid off in the next six months is a concern.
- Optimism about business. About 43 percent of employees, including those who are self-employed, said they anticipate their employer’s business will improve in the coming months.
What do you think about the survey results? Do you share similar optimistic views? Share your thoughts below or on our Facebook page.