Less than a quarter believe their employer cares ‘very much’ about their financial wellbeing
Four out of five workers in Canada and the US are stressed about their pay and other money matters on a regular basis, according to a new study by Ceridian.
In the Pay Experience Report, the HCM software company examined how financial issues affected the lives of full-time, part-time, contract and freelance workers.
The study uncovered a variety of ‘pay experiences’ that concern workers, from financial stress to unequal pay to communication gaps:
- 80% of workers are reportedly worried about their salary and finances regularly;
- Only 30% are completely satisfied with their employer’s approach to pay transparency
- 51% of female workers are dissatisfied with how much they are paid; only 35% of male workers have the same problem at work
- 37% are uncomfortable talking to their manager about their pay
- Only 24% believe their boss cared ‘very much’ about their financial wellbeing
“The demands and expectations of employees in today’s workforce are significantly different than two or three decades ago when most company leaders began their careers,” said Lisa Sterling, Chief People and Culture Officer, Ceridian.
Sterling pointed to gender pay gap as a persistent concern for workers, with only 53% of female employees saying that their pay is equal to those of their male colleagues.
Employers need to prioritize transparency and consider using technology that will allow them to provide an equal value approach to their workers’ pay.
“Companies need to walk the talk and implement employee-centric programs prioritizing financial wellness,” Sterling said. “Not only will these initiatives help attract and retain top talent in today’s competitive job market – it’s simply the right thing to do.”