The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Survey: Employee compensation trends for 2021
The COVID-19 pandemic has disrupted employee compensation across the globe with many employees reporting that salary has yet to return to pre-pandemic levels.
Elements Global Services surveyed 2,200 current employees from the US, Canada and the UK to explore pandemic-related trends in job compensation, feelings on executive pay and what percent pay raise would compel employees to leave their current jobs.
Here’s what they found:
- 65% of Americans surveyed say their income either stayed the same or fell in 2020.
- Top reasons income decreased in 2020: 1. Took a pay cut (39%) 2. Lost my job (29%) 3. My income is variable (24%) 4. New job with lower pay (8%).
- 55% of Americans who had income cut due to the pandemic say it has not yet returned. 46% say their employer froze raises and/or bonuses during the pandemic.
- On a positive note, 55% of those surveyed say they expect to make more money than last year. 37% of Americans say they would accept a portion of their compensation in Bitcoin if offered.
- When asked what minimum raise would compel you to leave your job: 20-25% raise (35% of respondents), 10-15% raise (34% of respondents), 50+% raise (16% of respondents), 5% raise (15% of respondents).
- When it comes to negotiating salary: 51% of respondents have talked about salary with their employer 1-2 times in the past two years. 29% said they’ve had zero communication about salary in the previous 24 months. 20% have talked about it 3+ times in the same time period.
Take a look at the full report.