Salary expectations among employees are getting higher with 66% of Irish revealing they expect a pay rise in 2016. This is according to the latest Matrix Recruitment Group's Annual Salary Expectations Survey which examines trends in the jobs market year on year.
Of those respondents who expected a pay increase in 2015, only 38.5% actually received one with almost half of employees having had to move jobs to get it (43%).
Salary increases appear to be a deal-breaker for many employees. When presented with a number of reasons for moving job in 2016, 27.8% admitted that an improved salary and benefits package would be the biggest factor in their decision.
When it comes to those who expected a pay increase last year and didn't receive one, 81% admitted that they are planning on moving jobs or would consider moving jobs if the right offer came along in 2016.
Furthermore, men are more confident than women when it comes to asking for a pay rise with 26.7% of males saying they would be ‘very confident’ in asking for a pay rise in 2016 versus only 17.5% of females.
When it comes to benefits, the survey found that employees value health insurance, performance bonus and pension as the most important benefits with an on-site gym or gym membership ranked as the least important.
The survey found that nearly 47.2% of employers are making pension contributions versus 40% in 2015 and over 41.2% of employees receive more than the statutory annual leave versus 30% of those surveyed in 2015.
Founder and Managing Director of Matrix Recruitment, Kieran McKeown said, "In 2015, due to the improved economy, we saw a lot more movement in the jobs market across all regions and in particular in the 25-44 year age bracket.
"A lot of people are at the stage where they are looking to progress and in turn, increase their salaries. It is interesting to see that salary can be a deal-breaker for employees.
"The findings demonstrate that this year, across the board, employers will need to look at how they retain existing employees, particularly with 81% of those who did not receive their anticipated salary increase admitting that they will look at moving roles in 2016."
Source: www.businessworld.ie
