Payroll
56% of Workers Haven’t Received a Pay Raise in Over a Year
In the past 12 months, 24% of workers received a pay raise at their existing job, 16% got a better paying job, while 4% report getting both a pay raise and a better paying job according to a new survey from Bankrate.
Oct. 27, 2021
In the past 12 months, 24
But workers earning more than pre-pandemic levels exceeded those earning less in every census region, every level of educational attainment, every income group, and every age group below 65. Full-time workers were more than 4 times as likely to be earning more now (40%) rather than less (9%) compared to pre-pandemic levels. Part-time workers were almost evenly split.
College educated workers (38%) and households with income of $75,000 per year or more (39%) are most likely to have received pay raises in the past 12 months and to be earning more now than pre-pandemic (48% and 46%, respectively).
Middle income Americans (income between $30,000-$74,999) were most likely to report getting a better paying job in the past 12 months (27%) and more than twice as likely as the highest income households ($75,000 and above, 13%).
“Workers with unique skills, talent, or certifications that can demonstrate the value they add are those best positioned to command a premium in today’s competitive labor market,” adds McBride.