State of the economy: Most workers are getting stiffed at annual review time

Finance pros are doing quite a bit better than people in other sectors when it comes to compensation. Nearly 60% of workers report they’ve gotten stiffed by their employers in the last two to three years.

OnePoll asked 1,859 adult Americans when’s the last time they got a pay raise. The numbers may surprise you:

• just 4% earned a pay bump in 2023
• 9% got a raise last year
• 22% were last rewarded two years ago, and
• 37% haven’t seen a bump in pay since the start of COVID.

With the rate of inflation on everyday items like food, electricity, fuel and shelter, employed American workers who aren’t collecting some form of welfare and are taking care of children are feeling the economic squeeze more than anyone. And they’re increasingly worried for their future.

Generation X and Baby Boomers expressed the highest concerns about job security to OnePoll. Millennials and Zoomers are more worried about salary cuts than losing their jobs compared to older generations.

Forty-six percent of employed workers said they feel “somewhat” or not recognized by their employers. And a majority of the respondents believe gender plays a part in insufficient pay. Various surveys show women were more likely to be laid off or see their hours cut since 2020.

Grass is definitely greener on this side of the aisle

End of year into January could end up being less lucrative for finance employees than this year. A stock market crash before the end of 2023 will no doubt impact Wall Street and investment houses.

But compared to the average American worker, things aren’t too bad for the folks counted on to keep revenue streams flowing. Consider that finance pros from the executive level down netted annual raises of 5% for 2022, according to the most recent Association for Finance Professionals’ annual compensation report. Managers (53%) did better than chief execs (50%).

More than ever, a company’s most valued and hardest-to-replace folks need to be taken care of. Their losses can sting the most. Anecdotal evidence suggests top performers are no less likely to ask current employers for a raise before jumping ship, and it can come as a shock to their bosses.