It shouldn’t come as a huge surprise to learn that the economic recession took a toll on the income of U.S. employees. As it turns out, salaries haven’t risen noticeably during the economic recovery either.
A recent CareerBuilder survey asked U.S. workers what they would need to earn in order to feel successful.
Take a look at the graphic below, and you’ll notice that the majority of U.S. workers do not feel as though they’re earning the salary they want. TWEET THIS
As one might assume, workers who earn higher salaries tend to cite their satisfaction with their income. This is true here as well. Take a look at the graph below and notice how starting at the $75,000-$100,000 mark — the middle pie chart — a majority of workers feel they are earning their desired salary.
The survey supports past research suggesting that the $75,000 threshold is particularly significant, as this level allows households in most areas of the country to not only get by, but enjoy an ideal lifestyle and a secure future. — Rosemary Haefner, vice president of human resources, CareerBuilder.
What does this mean for you?
Perhaps it’s been a while since you’ve given your workforce a raise, or at least a significant one. One thing you should keep in mind is that paying competitively can not only help you attract high quality candidates, but it can also help to reduce turnover among your existing workforce as well. Here are six essential factors for determining compensation.
CareerBuilder’s Compensation Portal, part of Supply & Demand, can help you determine competitive compensation, so don’t waste any more time wondering whether you’re paying your employees what you should be.