Rising costs — at the pump, in insurance premiums and at the grocery store — and an unstable job market are leaving workers frazzled and insecure, recent studies show.
Some workers are treating overemployment — having more than one full-time job — as a form of unemployment insurance, a recent report by Enhancv, a career development and resume technology company, found.
Of the 1,000 full-time employees surveyed for the study, which targeted individuals with at least two concurrent, full-time jobs, more than half said they would need to receive a 21% to 50% raise to give up their second role.
“The standard annual raise has lost its leverage. Since professionals have successfully doubled their income through secret overemployment, a 3% or 5% salary increase fails to compete with the financial reality of a second salary,” Doroteya Vasileva, senior content writer and editor at Enhancv, wrote. “Employers are no longer just competing with their industry rivals for talent. They’re competing against the employee’s own portfolio of roles.”
That tracks with data collected by recruiting site JobLeads; U.S. workers expect an average of $33,332 more in salary than they’re actually offered.
Data also shows a disconnect; while nearly three-quarters of HR professionals say they believe workers at their companies are paid fairly, only 44% believed workers agree, according to a report by Salary.com.
One solution is to have ongoing conversations with employees about compensation to improve transparency, the Payscale CFO suggested.
Read on for more stories on how companies and workers handle compensation in today’s market.
