The majority (71%) of workers don’t currently make their desired salary.

The CareerBuilder.ca survey finds that men are more likely to be satisfied with their annual take-home pay. Thirty-one percent of men reported that they currently make their desired salary, compared with 28% of women.

Additionally, older workers are more likely to have reached their desired salaries, though most still feel that they fall short. Twenty-two percent of workers ages 18 to 34 say they earn their desired salaries, compared with 29% of those ages 35 to 44, 30% of 45- to 54-year-olds, and 37% of workers ages 55 and up.

Fifty thousand dollars a year may be a tipping point when it comes to salary satisfaction. Twenty-two percent of workers who currently make less than $50,000 a year say they currently earn their desired salary, compared with 42% of those making $50,000 a year or more.

“Success is often measured differently by individuals and can include many factors such as career stage, office space, access to leadership, etc,” says Mark Bania, director of CareerBuilder Canada. “Our data show that, regardless of other factors, salary—and the desire to increase it—keeps many employees engaged and motivated.”

So how much are employees hoping to earn? When asked what salary level they feel they need in order to be successful, employees say the following:

  • under $30,000 – 5%;
  • $30,000–$39,999 – 10%;
  • $40,000–$49,999 – 15%;
  • $50,000–$59,999 – 16%;
  • $60,000–$69,999 – 15%;
  • $70,000–$79,999 – 10%;
  • $80,000-$89,999 – 7%;
  • $90,000–$99,999 – 5%;
  • $100,000–$149,999 – 11%;
  • $150,000–$199,999 – 2%; and
  • $200,000 or more – 4%.

One way employees move themselves closer to their desired take-home is by asking the boss for a raise. While less than half (45%) of workers have ever asked for a raise, three in five (61%) of those who have say they received the raise.

Men are not only more likely to ask for a raise, but those who do ask are also more likely to receive one compared to their female counterparts. Fifty percent of men say they’ve asked for a raise, and, of those, 70% say they received the raise, compared with 41% of women asking for a raise, with a 53% success rate.

The survey also suggests that employers have taken to the idea of openly disclosing salaries more quickly than employees have. While 43% of workers say they would want their company to openly disclose the salaries of all workers in the firm, 65% of employers say they view disclosing salaries as a positive thing. In fact, 51% of Canadian employers say their organization already openly discloses employee salaries, and 44% say the salary is typically disclosed in initial job postings.

Employers that view disclosing salaries as a positive thing say it can help ensure pay equality (60%), dispel wrong assumptions and rumours (51%), and ensure better pay (45%).

The national survey included more than 400 hiring managers and HR professionals and more than 400 workers across industries and company sizes.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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marie walsh:

it would be very helpful if seniors currently receiving old pension could receive more money I feel that most people cannot live on the current amount and I mean everyone of us across the board

Tuesday, September 23 at 4:11 pm | Reply

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