An employee’s experience with pay directly impacts how they feel about working for a company. How compensation is set, and how easily they can access what they’ve earned is more closely tied to engagement and retention than most imagine.
How do employees feel about everything to do with their pay experience? Ceridian partnered with Hanover research to survey full-time, part-time, and freelance employees in the UK to find out.
Below are a few highlights from the report.
Our survey found that employees are quite likely to regularly experience at least some worries related to money issues. When asked “How stressed are you about pay and money issues on a regular basis?” only 30% of respondents said they have no stress about their financial situations.
Many organisations do not conduct pay reviews regularly. Fifteen percent of respondents say they never have pay reviews, while another 26% are unsure and a further 11% said they receive them less often than once a year. That means 52% of employees do not have clearly defined pay reviews that occur at least annually.
While 59% of respondents said they strongly agree that they receive payment on time, 24% of all employees reported they had received late payment at least once in the last 12 months. The sources of these delays varied. Of those who said they received pay late, 50% cited “disorganisation within the company,” while 30% pointed to problems with direct deposit, and a disconcerting 17% said the delays were due to cash flow issues.