Work & Financial Wellness Report Uncovers Retirement Concerns, Salary Discontent Among Workers
GUAYNABO, Puerto Rico, Oct. 29, 2024 /PRNewswire-PRWeb/ -- FlexJobs®, the leading site for remote and hybrid work since 2007, has released the Work & Financial Wellness Report, which found nearly two in five workers (38%) never ask for a pay raise. FlexJobs conducted the survey of over 3,000 U.S. professionals to better assess the state of workers' career goals and financial wellness.
According to the report, 57% ask for a raise only during performance reviews (31%) or once per year (26%). The remaining five percent of respondents said they request a salary increase at least quarterly or every six months.
"Asking for a raise can be daunting, but it's important to advocate for your worth in the workplace," said Toni Frana, Lead Career Expert at FlexJobs. "While there is no one-size-fits-all approach to how often to request a pay increase, remember that it is a critical part of any successful career strategy."
Stagnant Raises, Retirement Insecurity & Rising Interest in Side Hustles
FlexJobs' survey showed that 43% of workers said they did not get a raise or bonus last year. Of the remaining 57% who did however, 41% said it was the same amount or less than what they normally receive.
The report highlighted a wide interest in part-time or side jobs among workers. Over three-quarters (78%) of respondents said they currently have or would consider taking on a side hustle to increase their income.
Additionally, the majority of respondents expressed insecurity around retirement planning. Over half (62%) of workers said they were somewhat (20%) or very (42%) insecure about being able to retire. Less than a quarter (22%) said they feel somewhat (16%) or very (six percent) secure that they will be able to retire when they want.
2 in 5 Workers Disclose Salary to Peers, Dissatisfied with Current Pay
In FlexJobs' Work & Financial Wellness Report, 41% of workers said they are dissatisfied with their current salary and compensation package, compared to the 36% of workers who said they are satisfied. Less than a quarter (23%) said they were "neutral" and neither satisfied nor dissatisfied.
The report also revealed that 41% of workers said they have discussed their salary and compensation with peers. Of these respondents, 14% stated that they "regularly discuss it" with colleagues. Fifty-nine percent stated they have never shared their salary with colleagues.
According to Frana, "It isn't surprising to see an elevated number of folks sharing their salary information more willingly. In the past, discussing salary was considered taboo, but with greater access to discussions around pay equity and compensation on platforms like social media, workers can be better informed on wage discrimination and what's considered as fair compensation for their role."
Remote Work Remains Top Factor in Compensation
When asked which benefits they wish employers offered, the majority of workers ranked remote work and job flexibility ahead of financial perks like 401(k) matching, stipends and paid sabbaticals. The top benefits among surveyed professionals were:
- Remote work options (75%)
- Flexible work hours (63%)
- 4-day workweeks (60%)
- 401(k) matching (45%)
- Home office stipends (44%)
- Wellness program allowances (38%)
- Mental health support and resources (35%)
- Tuition reimbursement for continuing education (36%)
- Unlimited time off (31%)
- Vacation stipends or travel allowances (28%)
- Student loan repayment assistance (28%)
- Paid sabbaticals or extended leave options like adult gap years (27%)
- Pet insurance (24%)
- Menopause benefits (18%)
- Child care reimbursement (18%)
"Today's workers are clear on the benefits and compensation they require," Frana adds. "But as FlexJobs' survey highlights, many may want to consider having greater self advocacy, negotiation strategies and discussions with their employer to better align on what they need to grow professionally."
For more information, please visit https://www.flexjobs.com/blog/post/2-in-5-workers-never-asked-for-raise/ or contact Shanna Briggs ([email protected]).
Methodology: Demographic breakdown of the 3,099 respondents: Gender: women (75%), men (22%), prefer not to identify (2%), prefer to self-describe (1%); Generation: Gen Z (4%), millennial/Gen Y (26%), Gen X (45%), baby boomer (24%), silent generation (less than 1%); Education: less than a high school degree (less than 1%), high school degree or equivalent (8%), some college but no degree (19%), associate's degree (10%), bachelor's degree (38%), graduate degree (24%); Career level: entry-level (12%), experienced (53%), manager (19%), senior-level manager (11%), executive (5%); 28 percent had children 18 or younger living at home with them. FlexJobs created the survey, which was promoted to general audiences and its subscribers/members primarily through social media and newsletters. FlexJobs used a multiple choice and multi-select question format via SurveyMonkey's online platform. The survey ran from August 5-18, 2024.
About FlexJobs
FlexJobs is the leading career service specializing in remote, hybrid, and flexible jobs, with over 135 million people having used its resources since 2007. FlexJobs provides the highest-quality database of vetted remote and flexible job listings, from entry-level to executive, startups to public companies, part-time to full-time. To support job seekers in all phases of their career journey, FlexJobs also offers extensive expert advice, webinars, and other resources. In parallel, FlexJobs works with leading companies to recruit quality remote talent and optimize their remote and flexible workplace. A trusted source for data, trends, and insight, FlexJobs has been cited extensively in top national outlets, including CNN, the Wall Street Journal, the New York Times, CNBC, Forbes magazine, and many more. FlexJobs also has partner sites Remote.co and Job-Hunt.org to help round out its content and job search offerings. Follow FlexJobs on LinkedIn, Facebook, X, Instagram, TikTok, and YouTube.
Media Contact
Shanna Briggs, FlexJobs, 866-991-9222, [email protected], www.flexjobs.com
SOURCE FlexJobs
Share this article