55% of people worldwide say pay tops the list of priorities for the fourth year running — and 40% of those are dissatisfied with their salary, according to. This focus on pay should be a wake-up call for employers who may have underestimated the financial pressures facing their workforce. That pressure is a combination of
Competitive pay is a crucial rung on the ladder of motivation. Part of what's driving the compensation dissatisfaction is the gap between the raise people expected to receive, and what they actually got. The same ADP research reports that the average pay increase in America in 2023 was 4%. Yet people expected a pay increase of 7%. Another part of the dissatisfaction is that money isn't going as far as the cost of living rises — which can feel like a pay cut.
When people feel fairly compensated for their skills and contributions, they are likelier to be engaged, productive, and committed to their work. Conversely, underpaid workers often experience demotivation and will likely look for opportunities elsewhere.What's incredibly demotivating is the rising gap between CEO pay and that of the typical employee. According to the Economic Policy Institute,in the last 50 years.
CEOs and other leaders are also out of touch about the cost of living. Bruce Daisley, who is a future of work expert and host of the leading workplace culture podcast, calls attention to just how bad the cost of living has gotten in London."According to SpareRoom, there isn't a single postcode in London that is affordable on a graduate salary. Now that's in a house share. Most bosses think, 'Well, in my day, when I started, I lived in Zone 2 or Zone 3.
The corporate humor side of TikTok aptly expresses this dissatisfaction, and videos poking fun at the absurd optimism of leaders and blindness to how their people actually feel are garnering lots of likes. Videos that joke about how what inspires people to get out of bed in the morning is creating as much shareholder value as possible regularly get over a million views. This content resonates with so many because it's relatable.
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