Sharing four of the latest salary news findings. How many of these ongoing issues can you relate to?
1) The monthly money struggle
- The majority of people (64%) are working beyond their contractual hours. Yet more than half of employees (55.1%) are struggling to meet their financial needs at the end of each working month.
- Respondents are working anywhere from £1,607.08 to £12,045.60 of unpaid overtime each year.
- Still, most workers (61.8%) are entering their overdrafts before the month is out, while almost 1/3 of respondents (32.2%) are unable to clear their credit card on a monthly basis.
- In addition, 74.9% of people think they’re currently underpaid for their job role.
2) Working in insecure, low-paid positions
Source: Personnel Today
- It can’t help matters that 1 in 6 UK employees are undertaking ‘insecure, low-paid’ jobs.
- This accounts for 5.1 million people; 2 million of which are working parents.
- Younger workers are most affected. That said, 46% of those working insecure, low-paid roles are over the age of 35.
- As a result, the Living Wage Foundation has launched a new campaign titled ‘Living Hours’. This calls for organisations to pay the ‘real Living Wage’ as well as committing to advance notice for shift workers, more accurate contracts, and minimum working hours.
3) The over-30s still require financial support
Source: HR News
- With the above findings in mind, it’s little surprise that many employees aged over 30 are still asking for financial help from their parents.
- This age group is the most likely to request financial support (45%).
- 42% of parents also admit to diving into their ‘own savings and disposable income’ to provide support, even though this may affect their own financial security in the future.
- We’re not talking small sums either. 1 in 5 parents has contributed more than £11,000, with 1 in 10 giving more than £21,000 to fund large purchases, such as cars and homes.
- The top 10 purchases that are being funded by parents are listed here.
4) The fear of asking for a pay rise
Source: HR News
- Despite the prevalence of financial concerns, more than 1/2 of employees are afraid to ask for a pay rise.
- Some people don’t know how to phrase their requests (16%), others don’t want to appear greedy (15%), or are ‘scared of asking the boss’ (12%) or simply worry they’ll be ‘turned down’ (12%).
- Although, 37% of people feel so confident in requesting a pay rise that ‘nothing would stop them’ from doing so.
Salary tip: regularly researching local jobs in your sector will help you to gauge whether you’re receiving (and/or paying your team!) a competitive salary.