Over three quarters (75%) of professional services firms have reported that they gave their employers a pay rise this January – with the average increase being around 4%.
This is according to global recruitment consultancy Robert Walters annual Salary Survey Guide 2023 – which tracks salary predictions for the coming year, as well as surveying 2,000 white collar professionals and 1,000 employers to identify upcoming workplace trends.
The suvey shows that three in four white-collar firms have given pay rises in January – a record number in 10 years. The average of 4% pay increases means that professionals will be €1.3k worse off if inflation continues at current rate.
Almost half (47%) of Irish professionals will be looking for a new position this year, now that January pay review is complete
Over three quarters (75%) of professional services firms have reported that they gave their employers a pay rise this January – with the average increase being around 4%.
The Robert Walters Salary Survey Guide reveals that the average pay increase of around 4% lags behind the current rate of inflation in Ireland which is 8.2% at the end of 2022.
That means for an Irish professional earning €44,202 annually – a 4% pay increase equates to an extra €76 per month after tax- an increase that falls considerably short of the cost-of-living.
Only 35% of Irish professionals feel confident about opportunities within their sector - but this is not dampening motivation, with half (47%) of workers planning to look for a new position in 2023 now that their January pay review is out complete.
Commenting on the report, Country Manager at Robert Walters Ireland, Suzanne Feeney said, "It has been extremely difficult for employers to match salaries with the volatile rate of inflation. As prices continue to soar, it isn’t surprising that professionals are beginning to cast their sights onto new positions – in the hopes that the grass will be greener."
She added, "Whilst it is tempting to jump at the offer of an inflated salary at another company we do advise professionals to approach this decision with caution. What goes up will come down, and employees paid above market rate are often the first to be looked at when cost saving measures come in."
Source: www.businessworld.ie
