Hourly workers, living nearer the bottom of the wage scale, are understandably worried about day-to-day expenses. Nearly 60 percent listed home/rent affordability as their top financial concern. (Photo: Shutterstock)
A new survey of hourly workers finds them desiring higher wages, but generally optimistic about their job prospects. The study of more than 3,000 hourly employees was conducted by Branch, a technology platform that provides services such as pay advances through its app. The inaugural Branch Report was designed to gather information on financial, work and lifestyle interests of hourly workers in industries such as retail, food, and health care.
Branch researchers found that nearly 70 percent (69.4) of workers said they were optimistic about their job prospects, even though they were less positive about the economy overall—50.1 percent expressed optimism about the economy.
Related: It's a good time to be a job-hopper
Less optimism about the larger economic landscape might be the reason that hourly workers were twice as interested in using their work experience to earn a promotion at their current employer (31.9 percent) as they were in switching jobs (15.7 percent).
“Even with the demand for hourly employees at an all-time high and having their pick of employers, more hourly employees are looking to grow within their current company rather than switch,” said Branch CEO Atif Siddiqi. “But there's a vast disconnect between employees' career development and their employers. Employers have a tremendous opportunity to retain their employees by providing tools that can help them increase earning potential and financial stability.”
|Pocket book worries, few savings
Hourly workers, living nearer the bottom of the wage scale, are understandably worried about day-to-day expenses. Nearly 60 percent (58.4) listed home/rent affordability as their top financial concern. Renters dominated the survey at 56.6 percent); 26.9 percent lived with friends or family for free; and 16.5 percent contributed to a mortgage. Utility bills (47.1 percent) and groceries (42.4 percent) were the second and third top financial concerns.
One third of respondents (32.2 percent) listed medical/health care as their top financial concern—and older workers overwhelmingly listed it as a top concern: 82 percent of those age 50-plus said health care was their top financial concern. In the age 40-49 group, health care (51.7 percent) was second, behind home/rent (57 percent) and just ahead of utility bills (50.7 percent).
When it came to savings, more than 75 percent of respondents said they had less than $500 saved for emergencies (75.8 percent) with 40 percent saying they had nothing at all saved for emergencies.
|Wanted: improved pay; better scheduling
When asked what their workplace goals were, 63.4 percent of those surveyed listed higher wages. But scheduling was also a priority: 57 percent of respondents said they wanted a stable, predictable schedule and 38 percent wanted greater flexibility and control over their hours.
“Because earnings are directly tied to the number of hours worked, unstable, unpredictable hours can undermine financial security for workers of all ages,” said Susan Lambert, PhD, an associate professor in the School of Social Service Administration at the University of Chicago. “The findings of the Branch survey are consistent with other research indicating that many hourly workers desire more stable and predictable work hours.”
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
