One in three business professionals (33%) received a raise in Q1, down from 40% in Q1 of 2016, according to Office Pulse’s Quarterly Satisfaction Survey, however workplace satisfaction remains high.
Salary Sweet Spot
3% remains the going rate for raises. Of those who received a raise in Q1, 28% reported getting a 3% raise. That percentage shrinks to just 17% for Millennials who received a 3% raise, but that’s because they were cashing in at higher rates. 17% of Millennials reported getting a rate of 4%, while nearly a third received a raise of 5% or more. Slightly more females (36%) compared to males (29%) received a raise in the last quarter.
Overall, bonuses were down as well: 35% of business professionals reported receiving a bonus in Q1, down from 44% in Q1 of 2016. For those who did receive a bonus in Q1, the majority (41%) say their bonus was between $1,000-$4,999.
Fewer Millennials (33%) received a bonus, compared to Boomers (40%), but the younger generation still feels positive about their trajectory: 67% believe they have room to grow at their company, compared to 45% of Gen Xers and 35% of Baby Boomers. Despite receiving smaller bonuses, Millennials are also leading the pack in terms of promotions: 15% were promoted in Q1, compared to just 7% of Gen Xers and 6% of Baby Boomers.
Read the full article on Office Pulse.