The ongoing labor crunch has put employees in the proverbial catbird seat. According to a new study from ResumeBuilder.com, a remarkable 83% of employees are expecting wage and salary increases in January 2023, with half expecting a raise of at least 7.5% and one-third expecting at least a 10% raise.
That is just one of the key finding from the study, which surveyed 1,250 U.S. workers in December. Among the other interesting results:
- 50% of workers say companies should always give a holiday gift
- 20% of workers are likely to quit if year-end bonus falls short of expectations
- 44% are likely to reduce efforts or “quiet quit” if their bonus is below expectations
- 35% will start a job search if their bonus is less than expected
What Employees Want for Holiday Gifts
According to the Resumebuilder.com research, only 2% of employees believe a holiday gift should never be given, while 48% think it depends. More than one-third of workers (36%) say receiving a holiday is “very important,” exactly one-in-three say it is “important,” while 8% say it is “unimportant.” Cash bonuses, gift cards, non-cash gifts and company swag are the preferred holiday gifts. About half of workers believe the gift value should be between $101 and $500.
According to Stacie Haller, chief career advisor at ResumeBuilder.com, employers that have previously given out holiday gifts to their employees can expect a negative reaction if they opt not to do the same this year. Nearly two out of every three U.S. workers (62%) believe they will receive a gift from their company.
Employee Compensation Expectations Are High
As noted earlier, more than eight out of every 10 employees (83%) expect to receive a wage increase in January, with half expecting at least a 7.5% raise. About 6% of workers anticipate a raise of 15% and 7% desire a wage increase of 20%. That is on top of 72% indicating they already received a raise in 2022.
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In a recent CE Pro webcast, a panel of veteran integrators all noted that they gave their employees 10% to 15% raises in 2022 due to the tight labor situation. That expectation is not going away soon, according to the ResumeBuilder study.
CE Pro is in the midst of fielding its annual Wage, Salary and Labor Rates Study right now. Go to this link to take the survey to help us gauge the labor situation in the custom electronics market, broken down by region and size of company. The results will appear in the February issue of CE Pro.
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