Despite Being Unhappy with their Pay, Nearly 8 in 10 find Great Satisfaction with the People they Work With, According to Monster’s Global Wage Index Report
Report Also Finds Larger Companies Yield Higher Wages But Workers Still Relatively Dissatisfied with their Pay
Weston, MA — December 11, 2014 — Monster (NYSE:MWW) in conjunction with the WageIndicator Foundation, today released data regarding how satisfied employees in the United States and Europe are with their wages. This is the second in a series of releases examining wages across global and U.S. regions, industry sectors and other comparative factors.
According to the survey data, U.S. wages in small firms (<10 employees) are typically just about $14 per hour, while U.S. wages in larger firms (5,000+ employees) are double that of a small firm, $30 an hour. However, while employees at larger companies in the U.S. might be raking in higher wages, employees across the board are still relatively dissatisfied with how much they make. In the U.S., more than 65% of employees are not satisfied with their pay. Despite the unhappiness with wages, the majority of employees in the U.S. (77.6%) are relatively satisfied with the work relationships they have with their colleagues, showing interpersonal interaction may trump wages.
Interestingly, when comparing the U.S., UK, Germany, and Spain, the study revealed that Germany finds the greatest satisfaction across both of these categories despite the study noting that Germany boasts wages that are rather similar to those in the U.S. Over half (56.4%) of German respondents are satisfied with their pay and more than 8 out of 10 respondents (81.4%) are satisfied with their working relationships with colleagues.
“Today we see a rapidly shifting, dynamic labor market, with pockets of tight demand and others of tight supply. This has made keeping current employees a priority for many employers, so while making room in budgets for pay increases isn’t always an option, there are other things that employers can do to keep employees happy and motivated to work hard,” said Joanie Courtney, Senior Vice President, Market Development at Monster. “Fostering a collaborative and comfortable work environment and encouraging office activities is a great way to keep morale high in the office. In addition, rewarding employees with an extra vacation day when they’re doing great work is another way to show appreciation.”
“The survey indicates that in the U.S., workers are significantly more satisfied with their work relationships with colleagues than with their wages,” said Martin Kahanec, Visiting Research Fellow at Harvard University's Labor and Worklife Program and scientific director at Central European Labour Studies Institute. “This demonstrates that there are other factors besides wages that motivate U.S. employees to work hard and remain loyal to their colleagues and company.”
The survey data clearly shows that the pain point for employees in most countries is pay, but there are things that employers can be doing to continue to motivate and retain talent.
Country-specific findings include:
Respondents to the survey were from different age groups, varied industries, and various hierarchical positions in their respective occupations.
The analysis presented in this report is based on the WageIndicator dataset covering the period of Quarter 1 2012 up to Quarter 2 2014. The wage analysis is based on data collected from the website www.paywizard.org and Monster newsletter from the aforementioned period. The sample used for the analysis consists of 4,270 respondents living and working in the United States, approximately 57.17% of which are men and the remaining 42.83% women. Respondents from different age groups, varied industries, and various hierarchical positions in their respective occupations are included in the sample.
About WageIndicator Foundation
The WageIndicator Foundation started in 2001 to contribute to a more transparent labour market for workers and employers. It collects, compares and shares labour market information through (online & face-face) surveys and desk research. It serves as an online library for wage information, Labour Law and career advice.
The WageIndicator Foundation is assisted by world-renowned universities, trade unions and employers’ organisations and currently operates in 80 countries. In more than 20 countries - mainly in Africa, Asia, and Central America - the national WageIndicator websites are supported with offline actions like face-to-face surveys, fact finding debates and media campaigns.
Their international staff consists of some 100 specialists spread over the whole world. The foundation has strong relationships with Monster since 2003. The WageIndicator Foundation is a global organization reaching millions on a monthly basis. For more information please visit: WageIndicator.org. WageIndicator Foundation has offices in Amsterdam (HQ), Ahmedabad, Bratislava, Buenos Aires, Cape Town, Dar es Salaam, Maputo and Minsk.
Central European Labour Studies Institute (CELSI) - www.celsi.sk
CELSI is an independent non-profit research institute based in Bratislava, Slovakia. It fosters multidisciplinary research about the functioning of Labor markets and institutions, work and organizations, business and society, and ethnicity and migration in the economic, social, and political life of modern societies. Supported by its network of Research Fellows and Affiliates and a new Discussion Paper series, CELSI aims at making a contribution to the cutting-edge international scientific discourse. Hosting the Bratislava WageIndicator Office, CELSI has developed expertise in data management and services. Central European Labor Studies Institute (CELSI), Zvolenská 29
821 09 Bratislava, Slovakia. email@example.com
About Monster Worldwide
Monster Worldwide, Inc. (NYSE:MWW), is a global leader in successfully connecting job opportunities and people. Monster uses the world's most advanced technology to help people Find Better, matching job seekers to opportunities via digital, social and mobile solutions including monster.com®, our flagship website, and employers to the best talent using a vast array of products and services. As an Internet pioneer, more than 200 million people have registered on the Monster Worldwide network. Today, with operations in more than 40 countries, Monster provides the broadest, most sophisticated job seeking, career management, recruitment and talent management capabilities globally. For more information visit monster.com/about.