61% of employees aren't happy with their current salary
Three in fiver professionals are unhappy with their current salary – that’s according to new data from CV Library. Research from the recruitment board found that 61% of employees aren’t content with their wages in 2022 and could be looking to jump ship if HR doesn’t bridge that gap.
Despite the dissatisfaction, salaries actually increased this year – with some roles seeing a wage bump of 65%.
“When the pandemic first struck, businesses held all the power and competition for top jobs was tougher than ever,” added Lee Biggins, CEO and founder of CV-Library. “However, in the last few months we have seen this power shift back in favour of candidates and the year-on-year salary increases we are seeing across many industries already in 2022, substantiates this. As such, candidates should feel able to negotiate on salary without fear of losing out on an exciting opportunity.”
Employees, though unhappy with their wages, seemingly haven’t tried to change them with research finding that 54% of workers haven’t tried to negotiate higher pay. When asked why they hadn’t approached HR about a better wage, 51% said they didn’t want to risk losing their job, 39% said they didn’t want to appear too pushy, and 31% said they simply don’t know how to negotiate.
“The key to negotiation is to be prepared,” added Biggins. “Be sure that you know what you’re worth and what you can bring to the business that will justify a higher salary. To successfully negotiate a salary increase, it’s vital that you take the time to think about what you want, and you check out the latest salaries on offer for your specific role. This will give you the supporting evidence that your expectations are realistic for the 2022 job market.”
How should HR handle salary increase requests
Negotiating a higher age can be a stressful and intimidating situation for employees – especially if they’re new to the company. For HR leaders, it’s important to listen to the worker’s case and assess the request from an unbiased viewpoint. According to data from Robert Half, three in four Canadians believe they’re well-informed of the current salary trends for the market – with 56% actually researching their worth online. As such, HR managers need to be open, honest, and fair when it comes to raising salaries.
Since the pandemic, the power has shifted to a candidate-led market with employees leaving for greener pastures and higher pay. If you want to avoid losing your top talent, it’s important that you start negotiating worker salaries. Don’t wait for the employee to approach you – by then it may already be too late.
