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Lead Your Team Managing

Time to Pay Up: Workers Expecting Raises in 2015

Time to Pay Up: Workers Expecting Raises in 2015
Credit: Kritchanut/Shutterstock

Employers better be prepared to reward their employees with more money, or they soon could find themselves searching for a crop of new workers.

More than 40 percent of employees expect pay raises in 2015, with 35 percent prepared to find new jobs if they don't get raises, according to a study from the online career site Glassdoor.

Rusty Rueff, a Glassdoor career and workplace expert, said employees are making it known that they expect to get paid more in 2015.

"If they don't, they will jump ship and find a new opportunity," Rueff said in a statement. "Therefore, it's time for employers to dust off the playbook from the economic growth years and pay attention to compensation practices that retain talent."

The research shows employees know just how much it's going to take to keep them happy. Nearly half of those wanting raises this year say they expect the increases to be between 3 percent and 5 percent. Some are looking for a much larger increase, as 4 percent expect raises between 50 percent and 100 percent. [Why You're More Likely to Get a Raise by Quitting Your Job ]

Those high expectations could be attributed, in part, to the high confidence employees have in finding new jobs. The study revealed that confidence in the job market has reached a new high in last six years, with half of employees reporting confidence in their ability to find a job matched to their current experience and compensation levels in the next six months. Of those unemployed but looking for work, job market confidence increased 10 percentage points, to 43 percent, since last quarter, also a six-year high.

"Overall, it is a time of reckoning; one in which employers should use the start of the New Year as an opportunity to reevaluate internal pay structure, fix pay inequalities that exist, and be transparent with employees about how compensation and pay raises are determined," Rueff said. "Employers that do this well will reap positive recruiting and retention rewards, and those that don't will put themselves at higher talent-retention risks."

The study was based on surveys of 2,030 adults ages 18 and older, among whom 871 were employed full or part time.

Chad Brooks

Chad Brooks is a Chicago-based freelance writer who has nearly 15 years experience in the media business. A graduate of Indiana University, he spent nearly a decade as a staff reporter for the Daily Herald in suburban Chicago, covering a wide array of topics including, local and state government, crime, the legal system and education. Following his years at the newspaper Chad worked in public relations, helping promote small businesses throughout the U.S. Follow him on Twitter.