Randstad US 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.
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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.”
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