Business owners should know that concerns about salary and benefits are keeping their employees up at night, a new study shows.
Research from Harris Interactive revealed that American workers are increasingly worried about their income and benefits security, as well as their employability. Specifically, 24 percent of employees said in April that they expect to have their salary or hours reduced in the next three months, up from 20 percent who said the same thing in March.
Additionally, only 29 percent of U.S. workers said they believe they will get a raise in the coming months, down from 35 percent who said so in March. Furthermore, just 18 percent of the workers surveyed are expecting improved benefits, down from 13 percent in March.
The report also shows that more employees expect to do more work without getting increased compensation.
Moreover, workers’ confidence in their ability to find another job has decreased.
If they were forced to look for another job, employees don't have much faith in their ability to find something that fits. The study revealed that 55 percent of workers didn’t think they they’d be to find a new job if they had to look for one, down from 61 percent in March.
Harris Interactive President and CEO Al Angrisani said escalation in employee concerns speaks to structural changes occurring in today's workplace: Instead of hiring new full-time employees — which requires increased tax and benefit costs — they are looking to increase their existing workers’ productivity.
"Recruiting and hiring talent and new employees appears to have become a major investment consideration for employers, and this new phenomenon is contributing to an increase in job insecurity within corporate America," Angrisani said.
The study found that overall, employees with an annual household income of between $50,000 and $74,999, as well as workers ages 55 and older, showed the sharpest month-over-month rise in their levels of concern about income.
The study was based on surveys of more than 900 U.S. workers. The researchers noted that because the survey was conducted the same week in which the Boston Marathon bombings occurred, the results may reflect anxieties that the attack could set off a ripple effect in the economy.