FlexJobs, the leading platform for remote and hybrid work since 2007, has released its Work & Financial Wellness Report, revealing that nearly two in five workers (38%) never ask for a pay raise. This survey, conducted with over 3,000 U.S. professionals, aims to assess the current state of workers’ career goals and financial wellness.
Key Findings
- Frequency of Raise Requests:
- According to the report, 57% of workers ask for a raise only during performance reviews (31%) or once per year (26%). A mere five percent request a salary increase at least quarterly or every six months.
- Expert Insight:
- “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, it’s critical for any successful career strategy.”
Stagnant Raises and Rising Side Hustles
- Raise Insecurity:
- The survey found that 43% of workers did not receive a raise or bonus last year. Of those who did, 41% reported it was the same or less than usual.
- Interest in Side Hustles:
- Over three-quarters (78%) of respondents expressed interest in part-time or side jobs to increase their income.
- Retirement Concerns:
- More than half (62%) reported feeling somewhat (20%) or very (42%) insecure about their ability to retire. Only 22% feel somewhat (16%) or very secure (6%) about retiring when they want.
Salary Discussions and Job Satisfaction
- Dissatisfaction with Compensation:
- The report indicates that 41% of workers are dissatisfied with their salary and compensation package, while only 36% expressed satisfaction.
- Salary Transparency:
- The survey also revealed that 41% of workers have discussed their salary with peers, with 14% doing so regularly. Conversely, 59% have never shared their salary information.
- Social Media Influence:
- “It’s not surprising to see more people sharing salary information openly,” Frana noted. “With greater access to discussions around pay equity on platforms like social media, workers are better informed about wage discrimination and fair compensation.”
Desired Benefits in the Workplace
- Preferred Benefits:
- When asked about desirable employer offerings, remote work and job flexibility ranked higher than financial perks. The top benefits identified by respondents were:
- Remote work options (75%)
- Flexible work hours (63%)
- 4-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%)
- Child care reimbursement (18%)
“Today’s workers are clear on the benefits and compensation they require,” Frana adds. “However, many may want to enhance their self-advocacy and negotiation strategies to better align with their employer on what they need for professional growth.”
