Only 54% of employees believe they are paid fairly and 39% believe their company's pay rates are below industry norms, prompting renewed questions about pay equity and transparency, according to a survey of 1,878 US and UK employees conducted by compensation platform beqom.
Women were less confident about their compensation, with only 49% saying they are fairly compensated compared with 59% of men. Meanwhile, less than half of employees said their salary was adjusted to match inflation last year, and about one-third of survey respondents said new hires at their company are making more than tenured employees.
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Sixty-two percent of employees said they don’t know how their total compensation is calculated, and 46% said lack of transparency about pay is a top issue for them at work.
Beyond compensation, nearly three-quarters of employees said they value flexible working hours, with 72% saying they would be convinced to switch jobs for such flexibility and 52% saying they would leave their current job for an employer that did not mandate in-office attendance. Nearly half of employees indicated they have caregiving responsibilities and nearly one-third of those said they would consider leaving the workforce due to caregiving challenges, according to the survey.
Employees overwhelmingly support initiatives like equal opportunities for career growth (78%) and fostering inclusive leadership (67%), the survey found. More than half of employees said their employer shared DE&I goals, but only 38% received updates on progress in 2024.
“The report makes it evident that in a post-pandemic world, flexibility is no longer a perk for workers, but an expectation,” said beqom. “Employers who adapt will cultivate stronger engagement and loyalty from their workforce. Employees also are eager for employers to take bold steps on pay transparency and equity. The organizations that meet these expectations will not only build trust but also gain a competitive advantage in attracting and retaining top talent.”
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