This probably won’t come as a shock to many of you, but new research finds that most Canadians are stressed out about their pay.
Ceridian, a Human Resources software company, partnered with Hanover Research to survey 909 full-time, part-time, and freelance employees in Canada and find out how we feel about the pay experience.
And they found that, yes, Canadians are stressed about money issues.
How stressed are we about pay?
How stressed? Eighty per cent of Canadians are stressed on some level about their pay, with 10% being “extremely stressed” and 12% being “very stressed.” Twenty-six per cent of Canadians are “moderately stressed,” 32% are “slightly stressed.” Only 20% are “not stressed at all.”
More than half of Canadians don’t have yearly pay reviews
They also found that only 41% get pay reviews once a year or more, and that a quarter of respondents say they never have pay reviews. 10% say they get pay reviews less than once a year, and 24% are “unsure” about this question.
One in five people have been paid late in the past year
When it comes to timeliness of pay, 64% of respondents said they get paid on time, while 22% reported they had received a late payment at least once in the last 12 months.
Most of us don’t know what our colleagues are making
On the question of transparency, 47%, or nearly half, of employees said that their company is transparent about pay, while 31% said they have some idea of what their colleagues are earning, and 22% said they had no idea.
Lisa Sterling, Chief People and Culture Officer at Ceridian, said in the report that companies should be mindful of how they manage their pay structures and communicate about pay with their employees.
“The demands and expectations of employees in today’s workforce are significantly different than two or three decades ago when most company leaders began their careers,” said Sterling. “If you’re not focused on fairness and transparency, somebody else is, and your employees are going to work for them.”
More than half of Canadians plan to ask for a raise this year
Separate research conducted earlier this year found that only 13% of Canadians are happy with their current salary and that 53% plan to ask for a raise this year.
Come to the table well prepared
If you are planning to ask for a raise, it’s important to construct your argument and know your market value. Find out what you’re worth by checking market rates online and, if possible, what others are your organization are earning.
Come to the table armed with examples of the value you bring to the organization and a list of your accomplishments to show your employer why you’re worth it.