Employees & Employers — Big Changes

COVID caused a lot of companies to send employees to their homes. Working remotely became how many worked, and it helped companies stay in business. Since then, many workers have started making decisions about pay, benefits, and so on.

Thousands quit their jobs and think they can do better in the job market. Some did, and some didn’t.

Those staying on the job started seeking better pay and benefits. They haven’t been all that successful says researcher, Robert Half. The company’s research says 41% haven’t seen a raise in the last 12 months.

Half of the 41% say they will soon ask for one.

Of those asking, 31% want one to help with the higher cost of living,18% say they’ve been given additional job responsibilities, and 16% say a raise puts them even with others in their industry doing the same job.

And if they don’t get that pay raise?

Robert Half’s David King said looking for a new job is the next step for 36% of them. That’s up from 18% in September of last year. He said 25% of those who don’t get a pay increase will ask for a raise again in a few months.

A few workers — 17% — will ask for more benefits.

The employment firm, Randstad did a survey of employees and employers and found that 43% of employees plan on changing jobs this year. Of the employers, 26% of them say they’re going to lose talent because other companies are offering better pay and better benefits.

Many employers — seeing a negative outcome — are taking steps to stem the tide. Of the executives polled, 69% say they have noted salary problems between new hires and tenured staff. Many — 57% — say they are looking deeply at compensation plans and are giving raises.

“In today’s tight labor market, employers need to recognize and resolve any pay discrepancies that may exist among employees in order to retain talent and remain competitive as an organization,” King said. “Companies should take deliberate steps to improve their compensation strategy, including benchmarking salaries, conducting pay equity reviews and making adjustments as needed to ensure all employees are paid fairly for their work.”

Source link: Insurance Business America — https://bit.ly/3MOElqs