Workers, take note: If you’re stressed about your paltry paycheck, you have lots of company. Low pay again tops the list as the biggest stressor for working Americans, as it has for the past four years.
Our costs are rising, raises stagnating and workloads increasing. We are stressed about being stuck in jobs that pay less than our income five years ago and maddened by paychecks that don’t reflect our contributions.
While we were willing to put up with pay angst when unemployment was high, the stress of the flat-paycheck recovery is now weighing on us, according to the 2014 Workplace Stress Survey by Nielsen on behalf of Everest College, a post-secondary education company offering career training programs.
“I think a lot of it has to do with what’s happening in the workforce today,” said Wendy Cullen, Everest’s vice president of employer development. “Workers in the U.S. feel like we’re still in a recession,”
Nancy Joseph experiences stress every time she sits down to pay bills. Ms. Joseph, a 38-year-old Miami nursing assistant and mother of two pre-teens, cringes as she decides which bill she will pay late for the month.
Ms. Joseph says she hasn’t had a raise in four years. Two years ago, her hours at the rehabilitation center where she works were cut from 40 a week to 35. “I work so hard for my paycheck, but it’s still too little to take care of all the bills,” she said. Her husband drives a forklift for a cargo company and makes just above minimum wage.
Lower-paid workers — those who make less than $50,000 — particularly are anxious, the stress survey found. Unfortunately, that represents much more of the workforce today: Since the official end of the Great Recession, low-wage jobs — those that pay less than $16 an hour — have grown nearly three times as fast as better paying jobs, according to the National Employment Law Project.
As of the first quarter of 2014, retail sales and cashier are the largest occupations with unpredictable schedules and an average pay of only about $12.20 and $9.82 an hour, according to the Bureau of Labor Statistics.
“Mothers and fathers are trying to put food on the table and give their children a better life,” said Vicki Shabo, director of work and family programs for the National Partnership for Women & Families. “That is a challenging thing to do in an economy where there are multiple workers for every job opening and people still don’t have the bargaining power to ask for more money.”
It is not just low-wage workers who are stressed over pay. Workers at all income levels are frustrated that their workloads have increased but they haven’t seen a raise or hiring of more workers. Even as revenues have improved, for the past two years, pay raises at private employers have hovered at around 2.8 percent and are expected to be only about 2.9 percent in 2014, according to global services firm Towers Watson.
Career experts suggest we get aggressive and creative to fatten our paychecks. For skilled workers, the best route may be a new job.
“Slowly, companies are starting to compete for talent again and add to their head count,” said Matt Shore, president of Steven Douglas Associates, a Florida executive recruiting firm specializing in finance, accounting and information technology. “People who are in stagnant jobs are starting to look around and, in some cases, the market finally is telling them they can do better.”
Rather than get discouraged, one CEO suggests having a conversation with your boss. Most employers still have the mindset that workers are fortunate to have a job, said Michael Rose, CEO of Mojo Media Labs, a Dallas marketing agency. But certain arguments could justify a raise, Mr. Rose said.
“Come to your boss armed with information. Maybe you’re doing more than what is in the scope of the job description. Maybe you just got a certification. Maybe you can work on a project or learn a new skill set that will allow you to start in a new role that pays better.”
Cindy Krischer Goodman is CEO of BalanceGal LLC, a provider of news and advice on how to balance work and life. She can be reached at email@example.com