Tag: Pay rise

74% feel unsupported as wages aren’t keeping up with increasing cost of living  

In CV- Library’s survey of over 4,000 workers by website, it was revealed that 89% of employees either don’t know whether they will receive a pay increase or have already been told that they won’t receive one.

With increasing pressure on budgets and wages not matching the increasing cost of living, the study found that only 11% of employees know that they will get a pay rise. Eighty-one percent believe that the topic is being ignored, and 8% already know that they will not receive a pay increase.

As a result, almost 74% feel unsupported and believe that their employers are unsympathetic regarding the rising pressure on household budgets.

Lee Biggins, CEO and founder of CV-Library comments: “There is no doubt that rising costs and global uncertainty are beginning to impact the job market. Whilst businesses need to balance their own increased costs with the salary needs and expectations of their staff, it’s vital that they take action and at least open lines of communication with their employees.”

“With unfilled vacancies still high it will be tempting for professionals to look elsewhere if they don’t have any clarity and continue to feel unsupported. We’re beginning to see evidence of this with number of new CV’s registered on CV- Library last month up 13.4% year on year.”

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35% of under 30s looking for new roles 

CareerWallet a recruitment and employment technology company has published a national employee survey that has revealed new trends and insights into the UK job market. The report has highlighted the huge impact the steep rise in the cost of living has had on the job market with over a quarter (26%) of employees looking for a new role and 13% already requesting pay rises to ensure their current role covers additional costs. 

The survey showed that a further 12% of all employees are considering asking for a pay rise in the next few months with only 25% of all employees not considering changing roles or asking for a pay rise due to increased costs in the UK. Out of the employees surveyed the under 30s have been most impacted with 35% currently looking for a new role and the North East is the region most effected with 40% of all employees in the process of changing roles. 

The survey showed how many employees are being impacted directly by the increased cost of living and further highlights to employers that current salaries and any pay rises need to cover these costs to ensure they keep hold of their staff and prevent them from looking for other opportunities. 

Craig Bines, CEO at The CareerWallet Group, commented: “The survey has highlighted how UK employees are already being impacted by the rise in the cost of living and are actively looking to counter this by pursuing a new role or a pay increase and it is important that all employers are aware of this and act quickly to keep their talented people in their businesses.” 

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Black professionals are twice as likely to be turned down when asking for a pay rise than their white counterparts, according to a new study.

The findings were included in an in-depth white paper published by Robert Walters, which surveyed more than 7,500 workers year-on-year between 2019 and 2021.

The poll found that 42% of black professionals were refused a pay increase after negotiation, compared with 21% of white professionals. For black women, the situation was even worse – 63% were turned down when asking for more pay.

Further, even when they were successful in negotiating a pay rise, black professionals were less likely to get 75-100% of what they asked for, achieving this just 21% of the time, against 35% for white employees.

Black workers were also more likely to be deterred from even asking for more money, with 37% saying they hadn’t even tried, against 23% for their white peers.

Habiba Khatoon, Director at Robert Walters, said: “This report is one of the most significant pieces of research into diversity and inclusion in the workplace in the past two years, and specifically highlights the failures that come from a lack of effective inclusion – where company structure, culture, and/or policies negatively impact underrepresented groups.

“Whilst D&I has rightly been a prime concern for leadership teams, who now understand how critical an active D&I policy is for their organisation’s success, it remains the case that almost no protected characteristic – be it gender, sexuality, ethnicity, disability or age – can be said to be properly represented in the workplace.”

The recruitment firm noted that the temporary hold on the government’s decision on whether or not to enforce mandatory ethnicity pay gap reporting was making it difficult to assess the exact state of play.

While ONS figures showed that in 2019 the gender pay gap between all minorities and white British workers had shrunk to just 2.3%, it noted that, “this simple comparison between white and ethnic minority groups does, however, mask a wide variety of experiences among different ethnic minorities”.

In fact, the Robert Walters report found that the top five ethnic groups most dissatisfied with their pay were all minorities.

Needs not being met

Pay wasn’t the only issue noted, however. Some 41% of black professionals also felt there were a lack of opportunities available to them, with 34% stating that no relevant training courses were on offer.

Three times the number of black, and two times the number of Asian professionals stated that lack of representation was holding them back, compared with their white peers. One-third of black professionals said their career expectations were not being met by their employer.

Meera Raikundalia, Co-Founder of the Black Young Professionals (BYP) Network, which contributed to the Robert Walters report, said: “The UK has an abundance of black and ethnic minority talent, however, it appears that they remain hugely under-represented in the workplace. When asked to name business leaders from an ethnic minority background, just 34% of respondents could recall even one role model, in comparison to 75% of white respondents.

“It is clear that you can’t become what you can’t see, and it is therefore key for organisations to consciously attract and showcase minority talent at the top of their organisation to show there is a clear path to success for minority candidates.”

Photo courtesy of Canva.com

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