Workplace Satisfaction Still Strong, Despite Drop in Q1 Bonuses, Raises

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.

Are you satisfied at work?

0%
Yes
0%
No

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.

If you did receive a raise, how much was it?

1%
10%
2%
23%
3%
28%
4%
12%
5+%
25%

 

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.

How much was your bonus?

<$1,000
12%
$1,000-$4,999
41%
$5,000-$10,000
22%
$10,001-$14,999
9%
$15,000+
16%

 

One issue that is still evident based on the results of this Office Pulse study is gender inequality. When looking at the highest and lowest bonuses, men overwhelmingly received larger bonuses than women.

<$5,000 $10,000+
Men
41%
31%
Women
61%
21%

 

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.

Cash Me Outside

While Millennials are climbing the corporate ladder, many also have a foot out the door: 26% expect to leave within the next year, compared to just 15% of Gen Xers and 7% of Baby Boomers. Overall, 18% of business professionals expect to leave their current employer within the next year. 36% don’t know what the future holds and a loyal pool of 13% never, ever plan to leave.

When do you expect to leave your current employer?

< 6 months
7%
6 months-1 year
11%
1-3 years
14%
3-5 years
11%
5-10 years
8%
Don’t know
36%
Never
13%

Did You Get That Memo?

While the overall percentage of workers who received raises or bonuses has dropped, workers are overall still pretty happy: 61% report being satisfied at work and 83% like their boss. The #1 reason workers like their boss is because they’re a “good communicator” (55%). In open-ended responses, workers touted their bosses as being fair and supportive of work-life balance needs.

Major traits of a good boss:

Communicator
55%
Motivator
34%
 Team builder  
33%
 They’re cool
32%

For those who say they don’t like their boss, the main reason is because they are a “micromanager” (38%).  More men (51%) than women (28%) cite micromanagement as the main trait they don’t like about their boss. By generation, Millennials dislike “know-it-all” bosses the most, while Baby Boomers are most bothered by “under-communicators.” Note to all managers: Just one in 10 complained about over-communicators, so don’t shy away from looping your team in about projects, initiatives and corporate objectives.

Major traits of a bad boss:

Micromanager
38%
Under-communicator
36%
Is a “know it all”  
35%
In over their head
33%

It’s All Takin’ and No Givin’

A common theme among unsatisfied workers is that companies are loading them up with work, while not providing enough money, respect, resources or recognition.

“I feel that the company expects a high level of productivity from its employees without providing incentives (stronger raises, company apparel, early release during holidays or on Fridays during summer break). The company could improve on providing a better work life balance,” one Millennial middle manager said.

One of the biggest takeaways from this study is that companies need to look at creative ways to retain their top talent, especially as the economy improves and competitors ramp up hiring. While compensation is a top priority, companies will attract and retain quality workers by providing a solid work-life balance and positive culture, while also employing a mechanism to recognize key players and remove damaging managers.

 

About Office Pulse

Office Pulse by Captivate offers marketers timely analysis and insights from a proprietary panel of upscale professionals in the top markets. The Office Pulse panel of more than 8,000 influential consumers and business decision makers includes C-level executives, millennials, middle management, small business owners, working women and working moms.

About Captivate 

Known for its vast network of 10,000 elevator and lobby displays located in 1,600 premier office buildings across the U.S., Captivate brings life to work by connecting over 10 million unique monthly viewers to the world outside their office. By engaging its viewers with timely news and actionable information, Captivate provides advertisers with a highly desirable and difficult-to-reach audience of affluent and influential business professionals through creative, research-driven and Nielsen-measured advertising and marketing programs. Founded in 1997, Captivate is owned by Generation Partners and Gannett.