Happiness in the workplace can make your days fly by with ease, but happiness doesn’t pay the bills. We all need to get paid and every so often we all need a pay increase. Whether it’s because of growing living expenses, or to feel adequately valued at a company, raises feel necessary to many.
According to a new study by job search website Indeed, 52% of Canadian workers plan on asking for a raise in 2018. Out of that 52% total, 24% say they will “definitely” pursue a pay hike, while 28% will “possibly” do the same.
So, how much money is at play? Indeed’s research found Canadians would like to earn an average of $11,882.96 more per year in order to “live comfortably.” Almost have of all respondents (47%) said they’d request a raise of 6% to 10%, while the majority of workers surveyed would want, on average, a 7% hike.
Considering these figures, it shouldn’t be a surprise that 83% of Canadians polled by Indeed are “dissatisfied with their salaries.” What’s more, 53% told Indeed they “would consider changing jobs to make more money.” Another 17% of workers said they would “definitely” consider changing jobs if unable to secure better pay at their current company.
Fuelling a desire for raises is “cost of living,” as 58% of working Canadians listed that as their number-one reason for seeking out a better paycheque. Forty-nine percent “simply feel” like they have earned a raise.
Indeed concluded that 32% of workers polled believe Canadian salaries are lower than average, while 80% would feel “more comfortable” if a raise were to come their way.
“Employers should carefully consider the long-term value of each employee and the relationships they want to build with them,” reads the Indeed report. “Larger raises may be appropriate for some, but for others, improved benefits go a long way.
“On the employee side, employees need to prepare well in advance for that salary conversation. Look for ways to measure and demonstrate how your initiatives have helped your employer,” it continued. “And finally: be realistic. Know what you’re worth and if you’re asking for more than that, be prepared to be negotiated down.”
On a recent episode of “theZoomer,” host Marissa Semkiw discussed diminishing corporate pensions with CARP’s Wanda Morris, lawyer Avi Kaplan and pension group members Michael Powell and Patrick Mousseau.