Women Receive More Pay Raises, But Men Get More Money, Finds TribeHR Study
New TribeHR Pay Raise Index reveals that, at small and medium sized-businesses, men are three times more likely to get pay raises of 25 percent or more
WATERLOO, Ontario and BOSTON, Nov. 15, 2012 /CNW/ - A new Pay Raise Index, launched today by social HR pioneer, TribeHR, reveals that women received more pay raises than men during the first nine months of 2012, but men earned larger pay raises. TribeHR analyzed salary and workplace recognition ("kudos") data from 20,000 employees at 2,200 small to medium-sized companies between Q1-Q3 2012, and found that, 7.4 percent of women received raises while only 6.2 percent of men received raises. An infographic illustrating the data can be found here.
However, when analyzing the size of pay raises, the TribeHR Pay Raise Index found that men were three times more likely to earn a salary increase in excess of 25 percent. Looking at pay raises of 5 percent or more, 60 percent went to men and just 38 percent to women.
Overall, the Index reported that average salary increase for employees at small and medium-sized businesses grew by almost 11 percent between Q1 and Q3 2012. The size of the average salary raise grew from 8 percent in Q1, to 13 percent in Q2, but then dropped to 11 percent in Q3.
The TribeHR Pay Raise Index also examined the correlation between salary increases and employees who had received documented recognition for a job well done. It found that 85 percent of documented recognition was given by peers, and that employees who received recognition from peers were two to three times more likely to earn a pay raise.
"The new TribeHR Pay Raise Index reveals a mixed picture when it comes to fair pay," said TribeHR CEO, Joseph Fung. "It's interesting to see that women seem to be overtaking men in terms of the number of pay raises given but there's still a stark imbalance in the size of salary increases awarded. Employee satisfaction and workplace culture play an increasingly large role in a business' brand reputation—and those who pay fairly and amply recognize employee contributions will reap the benefits when it comes to hiring and talent retention."
"The importance of bringing real facts on the market reality in a Pay Raise Index is exactly what our industry needs to bring more focus on the reality of raises across the industry and types of company, says Mark Smith, CEO & Chief Research Officer, Ventana Research, "TribeHR should be congratulated for their introduction of Raise Index which reveals some reality in the discrepancies of pay across genders and what will inevitably find are others that can be discussed and addressed in the years ahead."
TribeHR is a pioneer of the industry's first cloud-based social HR platform, designed to help HR managers and business owners improve social recruitment, drive employee engagement and foster strong corporate cultures. TribeHR is the only comprehensive solution for SMBs that manages the entire employee lifecycle, from recruitment and applicant tracking, to time off tracking, salary history, and performance management—making HR less about paperwork and more about people.
About TribeHR Corp.
Headquartered in Waterloo, ON and Boston, MA, TribeHR Corp. builds TribeHR, the first truly social human resources management software. Its easy-to-use tools are used by businesses worldwide, allowing companies to focus more on what they do best and less on things that get in the way. TribeHR was founded in 2009 and is funded by Matrix Partners and Relay Ventures. For more information, visit www.tribehr.com.
SOURCE: TribeHRFor further information:
Samantha McGarry, InkHouse (on behalf of TribeHR), +1-781-966-4100, firstname.lastname@example.org