They say time is money, but when it comes to employee expectations that isn’t exactly true. According to a new CareerBuilder survey, a majority of working adults – 66%, in fact -- are indicating a strong preference for a 10% pay increase over an additional week of paid time off.
And while 47% of respondents indicated that a good salary matters, job security matters equally as much, which presents another strategy for human resources professionals to retain employees through contracts, retention bonuses, and more.
Optimism in the face of inflation
Despite near-record inflation, people in the workforce are feeling optimistic about annual pay increases from their current jobs, with 89% revealing they expect a raise. How much of a raise varies; nearly half of employees are looking for a raise of at least 5%, and one in six, or 16%, expect a yearly raise of 10% or more each year (which would really help with inflation!). Expectations vary by gender, with 57% of men saying they expect at least a 5% raise compared to just 36% of women.
The data we uncovered 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.”
Earnings confidence is high
Despite near-daily dire headlines about inflation, nearly half of employees (49%) feel positive about their potential earnings. There are, however, generational differences when it comes to the confidence that wages will keep up with inflation; 55% of Gen Z and 62% of Millennials are more optimistic about compensation than their older cohorts like Gen X (38%) and Baby Boomers (20%).
Multiple jobs make ends meet
If you’re looking for part-time employees, now is as good a time as any to recruit workers. More than one in two employed adults, or 53%, reported that they must work more than one job to make ends meets. This includes 66% of Millennials, 57% of men, and 49% of women.
More exclusive CareerBuilder survey results include: