More than have of employers have signalled that pay rises are on the cards for their employees this year.
According to a new survey by Excel Recruitment, 52 per cent of employers said that pay increases would be likely in 2022, despite the country being in recovery from the pandemic.
Reasons for pay increases varied, with 42 per cent citing performance, 24 citing promotion and 22 per cent citing counter offers.
It comes as 56 per cent of employers said they would be planning to hire while 38 per cent of employees surveyed said they are planning on changing jobs.
Speaking about the report, Shane McLave, director at Excel Recruitment commented: “Throughout 2021, Irish businesses have continued to adapt by deploying innovative solutions in product and service delivery, and in managing large teams working from home.
“Thankfully, many have emerged victorious from the pandemic but, as with any business, new challenges have emerged – namely, skills and staffing shortages.
“The pandemic caused a shift in people’s priorities heralding the emergence of the ‘Great Resignation’ or the ‘Great Re-evaluation’.
“While our research indicates that pay rises are in play for at least 52 per cent of employers, income is no longer people’s only priority when it comes to their careers.
“In fact, we found that a higher salary was the main reason for moving jobs for just 4 in 10 employees – with a similar number indicating a move for greater flexibility.
Some 12 per cent said they were motivated to change jobs due to a preference for career progression, while 8 per cent said for better benefits.
“While salary is always going to be a key motivator, it does take its place among other considerations such as training and development opportunities, flexible working conditions, company culture, and tangible employee benefits like pension schemes and health insurance,” Mr McLave explained.
“These are becoming just as important, alongside agile working conditions.”
