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More feeling underpaidSurvey: 40% don't think employers are paying market rates
July 17, 2006 | By Barbara Rose, Tribune staff reporter
The average worker hasn't seen a meaningful pay increase in three yearsdespite the economy's rebound, according to U.S. Labor Departmentdata.
That may explain the findings of a national survey to be released Mondayreporting a sharp jump in the number of employees who feel underpaid.
Nearly 40 percent of employees think their companies pay less-than-market-rate salaries, compared with 28 percent last year, according to anannual survey of workplace attitudes by staffing agency Randstad USA withHarris Interactive Inc.
Yet a growing number of employers--50 percent this year compared with42 percent in 2005--said they believed their salaries are competitive withthe market rates, the survey found.
The growing disconnect between workers and bosses occurred at the sametime as fewer employees reported being satisfied with their workloads andhours.
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That pressure contributes to feeling underpaid, said Eric Buntin, RandstadUSA managing director of marketing and operations.
"Employers pretty much think their salaries are competitive in themarketplace, and they may be," he said. "But pay may not be keeping upwith the increasing costs we've been experiencing, especially in the last sixmonths with dramatically higher gas prices.
"The productivity gains employers and employees agree are so importantmay not be translating into [higher] wages."
Real wages for most private sector employees peaked in mid-2003,according Bureau of Labor Statistics surveys.
Declines in real pay have moderated in recent months as the job markethas tightened. But the average worker's hourly pay in May was $16.62,down 1.7 percent from the inflation-adjusted rate of $16.90 per hour inJune 2003, according to the bureau's data.
Randstad's survey found marked differences in how various generationsview pay compared with other aspects of career development. Pay increasesgrow in importance the older the worker gets.
Generation Y, defined by Randstad as those born between 1980 and 1987,is the least interested in pay increases. Learning new skills is mostimportant to this youngest generation of workers. Thirty-one percentranked learning new skills as "extremely" or "very" important, comparedwith 27 percent who said pay increases were paramount.
Nineteen percent, more than any other generation, valued a career path,yet only 3 percent consider increased responsibilities very important.
Companies can't assume the way they've approached career development inthe past will work for this important generation, Buntin said.
"Most employees understand the way to increase their pay is moving into anew [more responsible] position," he said. "Generation Y wants skills andopportunities but not more responsibility. This generation may redefinecareer development."
Then again, as Gen Y members age they may become more like theirparents and grandparents.
Pay increases top the list of what employees in general value most, followedby learning new skills and increased responsibilities.
And a majority of employees of all ages said they would endure more stressfor more income .
Harris conducted the survey for Randstad in late February and early Marchby polling an online panel of about 1,600 employees and nearly 1,300employers.
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