Only 30% of employees satisfied with pay transparency: survey

Money matters are top of mind among North American employees, according to new research by Ceridian HCM Holding Inc. 

The research found workers in Canada and the U.S. are challenged by financial matters, with 80 per cent of North American workers saying they’re stressed about pay and money issues on a regular basis.

Read: Pay equity problem persists in Canadian workplaces: survey

Only 30 per cent of workers said they’re completely satisfied when it comes to transparency of information about their pay, while not making a good salary is the leading (51 per cent) factor for female employees’ dissatisfaction with their employer compared to 35 per cent of men.

“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 at Ceridian, in a press release. “It’s unacceptable that the gender pay gap remains a persistent issue, with only 53 per cent of women believing they are paid equal to their male counterparts. Solving this requires employers to prioritize transparency and lean into new technologies that will help them embrace an equal value approach to pay.”

Read: Federal government publishes report on pay equity

As for large, unexpected expenses, respondents said they’d have to resort to credit cards (31 per cent) or borrow money (11 per cent) from family and friends. The survey also found some employers could do more to support employees, with nearly one-third (27 per cent) of employees believing employers don’t care about their financial well-being, and only a quarter (24 per cent) believing they care very much.

“Companies need to walk the talk and implement employee-centric programs prioritizing financial wellness,” said Sterling. “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.”

Read: Technology influencing the future of wellness benefits: survey