Why More Than Half of Your Employees Are Looking for a New Job Glassdoor released new findings from its Global Salary Transparency Survey on Equal Pay Day.

By Lydia Belanger

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

AFP | Getty Images

Worried your employees have their eyes on the door? Chances are they do.

More than one in two employees globally feel they must move to a new company in order to receive meaningfully higher compensation, according to a new survey by social jobs and careers community Glassdoor.

The survey polled 4,300 employed adults in seven countries to evaluate employees' understanding of how their companies determine pay levels. In the U.S., more than half of employees younger than 55 believe jumping ship is more likely to get them a raise, while one-third of those over 55 think switching companies is the way to a thicker wallet.

Related: The 4 Elements of a Frank Conversation With Employees About Pay

Glassdoor released its findings today, on Equal Pay Day, to raise awareness about income inequality. Like most salary data, Glassdoor also pointed to a disparity between men and women. In this case, the data showed that men globally are more likely (59 percent) than women (51 percent) to understand how their companies establish tiers of pay. In the U.S., the difference is starker: Among men, 65 percent understand their company's salary structure, while only 53 percent of women do.

"This data point raises questions related to whether men have access to more salary data than women, if they perceive to have more knowledge about salaries (vs. actually having pay insights), or if they are asking more direct questions of leadership regarding pay levels," Glassdoor wrote in a blog post accompanying the study.

Meanwhile, only 36 percent of employees globally reported that their employers disclose salary information internally. In the U.S., just 31 percent of workers know what their colleagues earn. In conjunction with the publication of its transparency survey, Glassdoor hosted a panel this morning focused on the subject of equal pay, with Hillary Clinton among the participants.

"This is not about somebody else," Clinton said of equalizing pay disparities. "This is about you, your family and what you can expect to afford for your future."

Related: Understanding the Science and Psychology of Open Salaries

While it's less taboo today for co-workers to discuss what they earn, and many companies, such as Whole Foods, have embraced salary transparency in recent years, there is still a great deal of mystery surrounding pay. Many studies, even some dating back to the 1960s, show a positive correlation between salary transparency and worker satisfaction. Glassdoor's new survey reveals that 70 percent of employees globally share this belief.

To eliminate the gender wage gap and keep employees happy and productive, transparency is key.

Lydia Belanger is a former associate editor at Entrepreneur. Follow her on Twitter: @LydiaBelanger.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Business News

Should CEOs Take a Pay Cut to Avoid Layoffs and Cutting Jobs? It's Complicated, Experts Say

Former Nintendo CEO Satoru Iwata famously took a 50% pay cut in 2013 to avoid layoffs and pay employee salaries.

Side Hustle

Getting Laid Off Allowed Him to Focus on His Sentimental Side Hustle. Now He's on Track to Earn Over $700,000 in 2024.

Alaa El Ghatit wasn't fulfilled at his day job. So he started LifeOnRecord to help people record memories and well wishes.

Starting a Business

4 Hard Truths You Must Accept to Become Successful

As you buckle up for entrepreneurship, remember – it's not just a journey but an epic adventure towards enduring achievement in the dynamic business world.

Business News

Kellogg's CEO Suggests Americans Should 'Eat Cereal For Dinner' During Tough Economic Times

Cereal prices in the U.S. have increased roughly 28% since the beginning of 2020.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.