Editor’s Note: This story originally appeared on FlexJobs.com.
Many professionals are intimidated by the process of asking for a raise, but regular salary reviews are vital to ensuring long-term career satisfaction and financial security.
As wages stagnate and inflation grows, job seekers are seeking greater salary transparency to secure the income they need now and in the future.
Furthermore, many workers are turning to part-time jobs and side gigs to compensate for a lack of wage growth.
To better understand how today’s professionals feel about pay transparency and its impact on their retirement plans and overall financial security, FlexJobs surveyed over 3,000 U.S.-based professionals to assess the state of their career goals and financial wellness.
Following are the key findings from the survey.
Many Workers Have Never Asked for a Raise
FlexJobs’ Work & Financial Wellness Report found that nearly 2 in 5 workers (38%) have never asked for a pay raise.
Among workers who have requested raises, 57% only ask for a raise during performance reviews (31%) or once per year (26%).
Meanwhile, only 5% of survey-takers said they request a salary increase at least quarterly or every six months.
“Asking for a raise can be daunting, but it’s important to advocate for your worth in the workplace,” said Toni Frana, Lead Career Expert at FlexJobs.
“While there is no one-size-fits-all approach to how often to request a pay increase, remember that it is a critical part of any successful career strategy.”
Stagnant Raises and a Rising Interest in Side Hustles
As for wage growth versus wage stagnation, 43% of workers reported that they did not get a raise or bonus last year.
Of the remaining 57% of respondents who did receive a pay raise, 41% said it was the same amount or less than what they normally receive.
The report also highlighted wide interest in part-time jobs and side hustles. More than three-quarters (78%) of respondents said they currently have a side hustle or would consider taking one on to increase their income.
Retirement Insecurity
Additionally, the majority of respondents expressed insecurity about retirement planning. Over half (62%) of workers said they were somewhat insecure (20%) or very insecure (42%) about being able to retire.
On the other hand, less than a quarter (22%) said they feel somewhat secure (16%) or very secure (6%) that they will be able to retire when they want to. Another 16% feel unsure.
These findings call attention to an interesting contrast with FlexJobs’ Financial Pulse Report, in which most respondents (65%) reported that they are currently saving for retirement.
Despite the relatively high number of professionals saving for retirement, it’s notable that nearly the same percentage of workers don’t feel confident in their ability to retire.
This disparity between retirement savings strategies and a lack of confidence in retirement capabilities further suggests an imbalance between wage growth and inflation.
2 in 5 Workers Disclose Salary to Peers, Dissatisfied With Current Pay
In FlexJobs’ Work & Financial Wellness Report, 41% of workers said they are not satisfied with their current salary and compensation package.
Conversely, 36% of workers reported that they are satisfied, while less than a quarter (23%) said they are neutral — neither satisfied nor dissatisfied.
The report also revealed that 41% of workers have discussed their salary and compensation with their peers. Of these respondents, 14% stated that they “regularly discuss it” with colleagues. On the contrary, 59% said they have never shared their salary with colleagues.
According to Frana:
“It isn’t surprising to see an elevated number of folks sharing their salary information more willingly.
“In the past, discussing salary was considered taboo, but with greater access to discussions around pay equity and compensation on platforms like social media, workers can be better informed on wage discrimination and what’s considered as fair compensation for their role.”
Flexible Work Remains a Top Factor in Compensation
When asked which benefits they wish employers offered, the majority of workers ranked remote work and job flexibility ahead of financial perks, such as 401(k) matching, stipends, and paid sabbaticals.
Here’s a full breakdown of the most sought-after benefits among professionals surveyed:
- Remote work options (75%)
- Flexible work hours (63%)
- Four-day workweeks (60%)
- 401(k) matching (45%)
- Home office stipends (44%)
- Wellness program allowances (38%)
- Mental health support and resources (35%)
- Tuition reimbursement for continuing education (36%)
- Unlimited time off (31%)
- Vacation stipends or travel allowances (28%)
- Student loan repayment assistance (28%)
- Paid sabbaticals or extended leave options, like adult gap years (27%)
- Pet insurance (24%)
- Menopause benefits (18%)
- Childcare reimbursement (18%)
“Today’s workers are clear on the benefits and compensation they require,” Frana adds.
“But as FlexJobs’ survey highlights, many may want to consider having greater self-advocacy, negotiation strategies, and discussions with their employer to better align on what they need to grow professionally.”
