Half of Des Moines workers say they're underpaid. Is it perception or reality?

Kevin Hardy | The Des Moines Register

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Half of Des Moines-area workers feel that they are underpaid, according to a new study completed by national staffing firm Robert Half.

The study found that 46 percent of workers felt they were fairly compensated. Just 2 percent admitted to feeling overpaid.

That shouldn't come as a surprise, said Kevin Erickson, regional vice president of Robert Half.

"Iowa is in a unique situation," he said.

The state's unemployment rate of 2.6 percent in July hit an 18-year low. Only North Dakota had a lower unemployment rate that month, according to the Bureau of Labor Statistics.

That has created a marketplace where workers are in high demand. And they're able to demand higher wages — or hop over to other employers to find them.

More: Most Iowa wages have stagnated. But the rich keep getting richer.

"You overlay a very dynamic market against an environment that has scare talent and the perception that you might see a lot of people taking new jobs," Erickson said, "and it's understandable that people say, 'Gee, maybe I should be looking — maybe I'm not being paid enough.'"

Robert Half surveyed more than 2,800 workers in 28 cities. Nationally, 46 percent said they felt they were underpaid.

But he suspects some of those feelings are more perception than reality.

"It's a case-by-case basis," Erickson said. "Certainly, not 50 percent of the workforce is under-compensated. But in some cases, they might be."

Over the last few years, as the economy has recovered from softer times, wages haven't increased at commensurate rates, Erickson said.

More: Nearly 40 percent of Iowans can't afford the basics — and the problem is only getting worse

"But I'd say that gap is narrowing literally every week for us," he said. "There are more jobs available than there are people that are unemployed. The attraction of talent is difficult. And with that comes wage inflation as a way to draw in top talent."

Last month, another survey from the staffing company found that more than half of Des Moines workers would leave their jobs for a better-paying position elsewhere.

But increasingly mobile workers in Des Moines are shopping around for more than just the highest salary, Erickson said. So employers must examine both compensation and benefits in this market.

"Certainly, compensation will always be the number one thing somebody’s going to weigh," he said. "But you look at office culture, you look at the benefits, you look at time off, you look at the ability to work at home. … More and more, especially with different generations, people value things differently."

More: These are the fastest-growing jobs in Iowa — and how much they pay