More Women Received Raises in 2018 Than Men – But There’s a Catch
The survey, which sought to uncover if Americans are benefiting from the strong labor market, revealed that more women received raises than men this year. Yet it represents only a small step toward closing the gender wage gap.
"The survey results show that women got raises at a slightly higher rate than men," said
To view the full survey, visit: https://www.gobankingrates.com/making-money/economy/women-paid-more-gap-still-not-closed/
"Our survey shows that, clearly, many Americans are not feeling the effects of a strong labor market," said Huddleston. "The majority of respondents did not get a raise, and more than half of those who didn't get a raise don't expect to get one before the year ends."
Here is a full breakdown of Americans who received a raise in 2018 by age:
Americans Who Received a Raise in 2018 |
||
% of Respondents Who Received a Raise |
Average Raise |
|
Ages 18-24, Post-Millennial/Gen Z |
33% |
26% |
Ages 25-34, Millennials |
38% |
27% |
Ages 35-44, Younger Gen X |
40% |
33% |
Ages 45-54, Older Gen X |
31% |
14% |
Ages 55-64, Younger Baby Boomers |
28% |
14% |
Ages 65+, Older Baby Boomers |
13% |
22% |
Women |
30% |
22% |
Men |
28% |
23% |
Overall |
30% |
23% |
Respondents were asked, "So far in 2018, did you receive a raise or compensation increase at your current job?" |
Why Americans Received Raises in 2018 |
|
Reasons |
% of Americans Who Chose Each Reason |
I accomplished or exceeded goals/expectations |
23% |
My company gives out raises to account for cost-of-living increases |
17% |
I had a great attitude and/or worked well with team members |
14% |
I willingly took on more responsibilities and ownership |
12% |
I consistently completed my work on time |
11% |
I made a positive impact on my company's bottom line |
10% |
I grew in my role and became more independent |
9% |
I had strong negotiating skills |
4% |
Respondents who received a raised were asked to please explain why they think they received this raise. |
Additional Insights
- Thirty percent of baby boomers who received a pay raise said that increases in cost of living prompted their employers to give raises. In a separate report, GOBankingRates found that inflation rates are far outpacing wage growth, making it difficult for employees to reap the benefits of a strong labor market.
- Employers were most likely to give a raise if employees had 'accomplished or exceeded goals and expectations.'
- Of those who did not receive a raise, one in three will look for a new job in 2019.
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SOURCE GOBankingRates
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