Ah, millennials. We ruin everything, don't we? From steakhouses to the automobile industry, our path of destruction knows no bounds. You know, maybe we ruin everything because we're paid like garbage.
According to a 2019 survey conducted by Indeed, 53% of Canadian workers will be asking for a raise this year due to an all-time low in salary satisfaction. The survey, conducted in January and sent to 1,000 randomly selected Canadian workers indicates that only 13% of Canadians are satisfied with their current salary.
Is this really such a shock, though?
TL;DR Canadian millennials are super dissatisfied with their salaries with close to 60% of them planning to ask for a raise in 2019. With the cost of living rising in every major city and with the job market on a historic uptick, Canadians are right to demand more from their employers.
The report claims that 56% of millennials in Canada will ask for a raise at some point in 2019. Furthermore, nine out of ten people responded that they want to earn more on average. This is reasonable because 14% of millennial workers haven't seen a pay raise in over two years.
With an apparent booming job market, Canadian workers are demanding more from their employers and the first step to that is better pay. According to the survey, trends indicate that the overall salary will increase by 2.8% in 2019 which is way lower than the 6% increase that Canadians are expecting.
Overall, millennials earn way less than their boomer counterparts due to experience, stagnation, and of course, that ever-present student debt. Not only that, but we're often faced with higher interest rates on things like car insurance and credit cards, further increasing our debt.
Unfortunately for gender parity, men are more likely to ask their employer for a raise while women tend to be a lot more conservative when it comes to salary expectations. This could be a symptom of a bigger problem in the job market, of course, but data shows that this is true for the average Canadian.
Interestingly enough, many employers will still outright refuse to give their employees a raise despite a booming job market, citing things like budget concerns and lack of experience.
If you're planning to ask your employer for a raise, make sure to be informed of salary trends in your industry and approach the situation in a calm, steady manner. It would also help if you outline what your employer can expect of you and be committed to your company, should you do ask for a raise.
Check out the full report here!
If you are planning on asking your employer for a raise, feel free to message me about your experiences in the Canadian job market, I'd love to hear your stories!