COVID-19 U.S. compensation insights survey and white paper reveal an increase in salary satisfaction and desire for comprehensive benefits
ATLANTA, Aug. 4, 2020 /PRNewswire/ -- Randstad US today announced the findings from its COVID-19 2020 U.S. Compensation Insights survey and accompanying white paper, which explored the sentiments of 1,200 American workers on compensation, salary negotiation and job confidence amidst the coronavirus pandemic. The results showed that despite COVID-19 being the catalyst for the global conversation and the resulting economic uncertainties, job seekers are displaying signs of confidence. Seventy-five percent of all workers surveyed agree that they have a positive outlook on their employment options over the next six to 12 months.
Randstad US COVID-19 2020 U.S. Compensation Insights Survey
The survey also revealed that compensation remains a key factor in employee retention, but employees' confidence in receiving higher pay lessens amid high unemployment:
Four out of five people (80%) believe their compensation is enough to make them stay in their current role for the next 12 months, a four percent increase since 2019.
The number of people expecting a pay raise every year has been steadily decreasing year-over-year (82% in 2018; 66% in 2019; 62% in 2020).
Sixty-four percent of all surveyed agree that "I would rather take a position with growth potential than a position that pays more but does not challenge me."
Fifty-eight percent of all surveyed agree that "I would rather negotiate for a stronger benefits package than a higher salary."
"In early 2020, the U.S. was seeing unprecedented growth and the lowest unemployment rates since World War II. However, because of the COVID-19 pandemic, our world has been turned upside down," said Karen Fichuk, CEO, Randstad North America and Randstad N.V. executive board member. "The silver lining is that despite the economic uncertainty, we're seeing confidence — and resilience — from job seekers. Our survey reveals a willingness from employees to look beyond salary and focus on future growth, which points to a brighter future and stronger workforce."
In addition to job and salary satisfaction, the Compensation Insights survey found that although younger workers are more likely to get cold feet or "ghost" prospective job offers, millennials and Gen Z are doing less of it — and the number of traditionalists (age 65+) ghosting is on the rise. For more information, visit our COVID-19 2020 U.S. Compensation Insights survey.
Workforce Management in the COVID-19 Economy
Randstad's white paper, "Workforce Management in the COVID-19 Economy," used findings from the Compensation Insights survey to provide counsel on how companies can plan for future recovery. The white paper outlines three key considerations businesses face as they develop plans for reopening during the pandemic:
Adjust benefits in line with company values and employee expectations in the wake of COVID-19.
Utilize agile workers to fill talent gaps and mitigate risk.
Encourage employees to pursue skilling for mutual future benefit.
For example, according to a recent Randstad survey, most Americans (78%) feel as though their employers are taking care of their employees' emotional well-being during the pandemic. With that, the workforce anticipates benefits related to the impacts of COVID-19, including telehealth, behavioral health, primary care and leave policies.
"As we look ahead to a COVID-19 and economic recovery, it is achievable for businesses and workers to emerge stronger, but it will take emotional resiliency plus thoughtful assessment and planning to navigate the uncertain future," said Karen Fichuk.
To learn more about the strategies for companies to consider, visit Workforce Management in the COVID-19 Economy.
Randstad US COVID-19 2020 U.S. Compensation Insights survey methodology
Research findings are based on an OmniPulse survey fielded by national polling firm Dynata on behalf of Randstad US. The survey was fielded from June 22 to June 25, 2020. It included 1,200 employed people between the ages of 18 and 65+ and a nationally representative sample balanced on age, education, race, gender and region.
Randstad North America, Inc. is a wholly owned subsidiary of Randstad N.V., a €23.7 billion global provider of flexible work and human resources services. As a trusted human partner in the technology-driven world of talent, we combine the expertise and passion of our employees with some of the most innovative HR technologies on the market today to advance the careers and business success of our candidates and clients.
Randstad's North American operations comprise nearly 5,700 associates and a deployed workforce of more than 94,000 in the U.S. and Canada. In addition to staffing and recruitment, Randstad offers outsourcing, consulting and workforce management solutions for generalist and specialist disciplines, including technology, engineering, accounting and finance, clinical and non-clinical healthcare, human resources, legal, life sciences, manufacturing and logistics, office and administration and sales and marketing. Global concepts available to North American client companies include RPO, MSP, integrated talent solutions, payrolling and independent contractor management and career transition services. Learn more at www.randstadusa.com or www.randstad.ca.
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SOURCE Randstad US