Boston — Nov. 15
A new pay raise index by social HR firm TribeHR found that women received more pay raises than men during the first nine months of 2012, but men earned higher pay.
TribeHR analyzed salary and workplace recognition data from 20,000 employees at 2,200 small- to medium-sized companies between first and third quarters 2012, and found that 7.4 percent of women received raises while only 6.2 percent of men did.
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 first and third quarter 2012. The size of the average salary raise grew from 8 percent in the first quarter to 13 percent in the second, but then dropped to 11 percent in the third.
The TribeHR Pay Raise Index also examined the correlation between salary increases and employees who had received documented recognition for high performance. It found that 85 percent of documented recognition was given by peers, and that employees who received recognition from peers were nearly three times more likely to earn a pay raise.Source: TribeHR