Over half of all Australian workers are expecting a pay rise this year, while 41% say they will leave their current job if they do not receive one, according to a new survey from CareerOne.com.au.
But the results of the survey show that fewer respondents are gunning for a pay rise than during May 2008, with a similar CareerOne.com.au survey then showing that over 66% of respondents expected a pay rise.
The new survey, which used data from 850 respondents, found that 66% said they require a pay rise of at least 5% to keep up with expenditures, while almost 40% say their companies do not communicate how, why or when they will receive a rise.
In lieu of a pay rise, the most popular financial rewards desired were training and development, 31%, followed by flexible working hours, 25%.
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Despite the high demand for pay increases, 71% of respondents said they would work a shorter week to save their job if it became necessary.
CareerOne.com.au editor Kate Southam said that a company’s process for awarding pay rises is often a contentious one, especially during the downturn.
“At the very least, employers need to be as honest as they can be about the budget for pay increases and the process of reviewing pay and awarding pay rises. This way, expectations can be managed and negotiations for non-monetary rewards can be worked through.
“For some people a small increase is better than no pay rise at all. Or an employee might value a training course more than a few extra dollars in their pay packet.”