Employers may need to pay up, as more than half of US workers plan to ask for raise: Survey
About 25% of US employees saw their pay decrease over course of pandemic
More than half of U.S. employees say they plan to ask for a pay raise within the next 12 months, according to a new survey.
Fifty-four percent of workers are looking for a pay raise, bonus or cost-of-living increase in 2021 following a year of virus-induced financial hardship, according to a recent survey by Glassdoor, which offers insights about jobs and companies.
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The results come as local governments around the nation have begun to slowly lift restrictions and reopen their economies now that more Americans are getting inoculated.
Experts say that now is the time to speak up, especially as the economy starts to improve.
"If you avoid talking about pay and miss out on opportunities to expand your earning potential now, it can be more difficult to catch up when the economy starts to improve,” said Glassdoor career expert Alison Sullivan.
However, Glassdoor discovered men are more likely than women to ask for a raise. According to the survey, about 59% of employed men plan to ask for more money compared to only 48% of women.
In fact, during the pandemic, about 25% of all U.S. employees saw their pay decrease.
Still, 65% of U.S. employees did not ask for a pay raise over the past year, according to the data. About 73% of employed women didn’t ask for a raise compared to 58% of employed men.
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In reflecting on the data, Glassdoor chief economist Andrew Chamberlain said it's important that "women are equally seeking out opportunities to advance and increase their pay at the same rate as their male counterparts."
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When doing so, it's "wise to be sensitive to how your current or a potential employer has weathered the pandemic," Sullivan said.
Employees should have "realistic expectations" while also being "clear" about their needs, she added.
The Harris Poll conducted the survey of more than 1,400 employed U.S. adults on behalf of Glassdoor.