62% of companies adjust wages to match market rates

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Many companies are taking steps to increase pay equity among workers, as shown by talent solutions research and business consultancy Robert Half. More than half of senior executives surveyed (56%) said they had observed pay gaps between new hires and more established staff over the past year. Of these, 62% regularly review compensation plans and increase salaries for existing employees, where appropriate, to align with current market rates.

“Market conditions have changed dramatically, and savvy employers are working to close wage gaps and ensure all employees are paid fairly,” said Robert Demi senior executive director Paul McDonald. “They know that taking a cautious, wait-and-see approach to compensation is risky and can lead to the loss of great talent.”

Workers expect an increase

Several factors come into play when it comes to salary growth, and employee expectations are one of them. In another survey of more than 1,000 American workers, one-third of respondents (34%) said they hadn’t had a raise in 12 months, and 16% received one but were disappointed with it. amount. Additionally, nearly two-thirds (62%) plan to ask for a raise this year, with the top reasons being:

1. To take into account the higher cost of living (30%)

2. To reflect current market rates (23%)

3. To accommodate additional job responsibilities (22%)

If workers do not receive a raise:

• 31% will ask to revisit the salary conversation in a few months

• 27% will look for a new job with a higher salary

• 23% will ask for more benefits

McDonald noted, “In addition to setting competitive salaries, companies need to consider the entire employee experience and provide programs that meet their professional and personal needs. Career advancement and remote options are two big priorities for today’s workers. »

Visit roberthalf.com/salary-guide for the latest information on salary and employment trends for more than 500 positions in finance and accounting, technology, administration and customer support, marketing and creative, law, health and human resources in the United States.

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