CHICAGO — The average worker hasn't seen a meaningful pay increase in three years, despite the economy's rebound, according to U.S. Labor Department data.

That may explain the findings of a national survey released last week reporting a sharp jump in the number of employees who feel underpaid.

Nearly 40 percent of employees think their companies pay less-than-market-rate salaries compared with 28 percent last year, according to an annual survey of workplace attitudes by staffing agency Randstad USA with Harris Interactive Inc.

Yet a growing number of employers — 50 percent this year compared with 42 percent in 2005 — said they believed their salaries are competitive with the market rates, the survey found.

The growing disconnect between workers and bosses occurred at the same time as fewer employees reported being satisfied with their workloads and hours.

That pressure contributes to feeling underpaid, said Eric Buntin, Randstad USA managing director of marketing and operations.

"Employers pretty much think their salaries are competitive in the marketplace and they may be," he said.

"But pay may not be keeping up with the increasing costs we've been experiencing, especially in the last six months with dramatically higher gas prices.

"The productivity gains employers and employees agree are so important may not be translating into (higher) wages," he said.

Real wages for most private-sector employees peaked in mid-2003, according to U.S. Bureau of Labor Statistics surveys.

Declines in real pay have moderated in recent months as the job market has tightened. But the average worker's hourly pay in May was $16.62, down 1.7 percent from the inflation-adjusted rate of $16.90 per hour in June 2003, according to BLS data.

Randstad's survey found marked differences in how various generations view pay compared with other aspects of career development. Pay increases grow in importance the older the worker gets.

Generation Y, defined by Randstad as born between 1980 and 1987, is the least interested in pay increases.

Learning new skills is most important to this youngest generation of workers.

Thirty-one percent ranked learning new skills as "extremely" or "very" important, compared with 27 percent who said pay increases were paramount.

Nineteen percent — more than any other generation — valued a career path, yet only 3 percent consider increased responsibilities very important.

Companies can't assume the way they have approached career development in the past will work for this important generation, Buntin said.

"Most employees understand the way to increase their pay is moving into a new (more responsible) position," he said. "Generation Y wants skills and opportunities but not more responsibility. This generation may redefine career development."

Then again, as members of Gen Y age, they may become more like their parents and grandparents.

Pay increases top the list of what employees of all ages value most, followed by learning new skills and increased responsibilities.

And a majority of employees of all ages said they would endure more stress for more income.

Harris conducted the survey for Randstad in late February and early March by polling an online panel of about 1,600 employees and nearly 1,300 employers.