News: 41% of salaried workers saw no raises in the past year: Report

Compensation & Benefits

41% of salaried workers saw no raises in the past year: Report

Now, 82% consider salary transparency important, marking a rise from 69% in 2022. Younger generations are more inclined to openly share salary details.
41% of salaried workers saw no raises in the past year: Report

41% of salaried employees didn't get raises last year, up from 33% in 2022. Those who did got smaller raises—25% less—showing how the economy affects pay. 

BambooHR's study of 1,500 U.S. adults found that while only 21% changed jobs in the last year (a 38% drop from 2022), 73% would consider leaving for more money. It takes a 13.3% raise to tempt someone away, down from 16.1% in 2022.

Anita Grantham from BambooHR said that uncertain job markets keep people at work, but morale's low. For two years straight, employees feel underpaid. Over a quarter of women (27%, up from 16% in 2022) and 15% of men (up from 11% in 2022) are frustrated with pay. 

Yet, 58% are content or happy with what they earn. Almost half have thought about leaving for better pay in the last six months, up from 41% in 2022.

Salary transparency matters to 82% now, up from 69% in 2022. Younger generations share salary details more openly. Employees expect clear pay policies from employers, including disclosing complete compensation packages, salary ranges, or exact salaries for roles.

Gen Z (76%) share their salaries more than millennials (60%), Gen X (39%), or boomers (30%). Many (69%) feel comfortable discussing pay with employers, and more believe that employers lacking essential benefits should pay more. 

Opinions on paying in-person versus remote workers vary: 32% think in-office workers should get more, but 62% believe both should earn equally. Men (36%) lean more towards favouring in-office workers, while women (67%) prefer equal pay for both types of work arrangements.

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Topics: Compensation & Benefits, Employee Relations, #HRTech, #HRCommunity

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