Differences also evident with expectations around size of increase
Most workers (62 per cent) are expecting to get a pay raise this year, and many (41 per cent) expect that raise to be larger than what they received last year, according to a report.
While the majority (58 per cent) of workers are expecting a pay raise of five per cent or less, nearly half (45 per cent) say they would not be happy or satisfied with a pay raise of less than six per cent of their salary, finds HR consulting firm OperationsInc.
However, male employees (73 per cent) are much more likely than their female counterparts (49 per cent) to expect a pay raise at the end of the year.
"Winning the war for talent can't be about paying more. Employers who have paid what the market demanded this year now have issues with pay equity and overall compensation structures," says OperationsInc CEO David Lewis. "Companies need a multi-faceted strategy, developed alongside experts, designed to attract and retain, where employees are asked what they value, resulting in an approach that meets everyone's needs."
Men are also far more likely to expect larger raises than last year (47 per cent compared with 35 per cent of women), a pay raise of greater than six per cent (47 per cent compared with 19 per cent of women) and a year-end bonus (60 per cent compared with 41 per cent of women).
Nearly one in five (18 per cent) men versus one in 10 (11 per cent) women say they would not be satisfied with a raise of less than 10 per cent, finds the survey of 1,000 U.S. workers.
Half (50 per cent) of employees overall say they will or may look for a new job in the next six months. Within this group, one in two (49 per cent) say that a higher salary is the top reason they plan to look for a new job.