Men are receiving bigger pay rises than women
Men on average pocketed a $3919 pay rise over the past year, while the average pay increase for women was $3697.
When was the last time you asked your boss for a raise? If you don't remember the last time you did (if ever), well this research may inspire you to book in a meeting with your boss.
Research conducted by finder reveals a quarter of Australians have asked their boss for more money at least once in the past two years. And of those who requested a raise, almost two in three got one. Those are pretty good odds!
The average Aussie worker who received a pay rise pocketed an extra $3,817, or about 5% of their income. On average, men earned an additional $3919 while women earned slightly less at $3697 extra.
Yes, the gender pay gap is still very much alive and well in Australia. Statistics by the Australian government for February 2018 estimate that Australia's full-time gender pay gap is 15.3%, with women on average earning $253.70 per week less than their male colleagues. The biggest gap is in the financial and insurance services industry, with a gender pay gap of 26.1%.
There are many factors at play as to why women are paid less than men. Just like the old saying "the squeaky wheel gets the oil", one contributing factor could be that men are more likely to ask for a raise. According to the research by finder, women are far more reluctant to ask for a pay rise than men. Only 18% of women had asked their boss for a raise in the past two years, compared to 32% of men.
Age also influences an employee's willingness (or lack thereof) to ask for a raise. Millennials are the most likely to approach their boss for a pay increase (34%), while baby boomers are the least likely (18%).
Money expert at finder Bessie Hassan urges employees to have the conversation with their boss, and reminds employees that if you're unsuccessful with a monetary raise there are other perks you can negotiate outside of salary. "If you can’t get a higher wage, try to negotiate other perks and bonuses that will help you keep up with the cost of living like free work lunches or gym membership,” she said.