The labour market looks set for more upheaval in the coming year with almost half the workforce considering changing jobs, and almost two-thirds mulling asking their employer for a salary increase, according to a new report.
Recruitment company Cpl has published its salary guide for 2024, for which it surveyed more than 670 people on their views on the labour market for the year.
It found that 49 per cent of respondents are considering changing jobs in the next 12 months, while 64 per cent are considering asking for a salary increase.
The report also indicated that hybrid working is here to stay, with two-thirds stating they avail of the practice, and 60 per cent indicating they would turn down roles that do not meet their hybrid working needs.
Reinforcing this, nearly four in 10 people said flexible and remote working “will positively enhance my employment by providing a better work-life balance and increased job satisfaction”.
Among other key findings, less than 12 per cent of respondents think artificial intelligence (AI) will have a negative impact on their jobs over the next 12 months.
Declining electric car sales: ‘depreciation is wild at the moment’
On the same subject, nearly half (46 per cent) think the impact will be neutral or have no impact on their roles, while four in 10 people think AI will have a positive impact on their jobs over the next 12 months.
Elsewhere, more than seven in 10 are considering upskilling this year, while 60 per cent think inflation will negatively strain their finances by increasing living expenses.
Cpl chief executive Lorna Conn said the labour market has undergone “significant change” in the past year.
“Technological advancement, changing employee needs and global events have all played a role in reshaping how businesses approach talent acquisition and management,” she said. “Organisations that are innovative in how they reach their talent goals put people at the heart of the employee experience.”
Barry Winkless, chief strategy officer at Cpl and head of the Future of Work Institute, said the data shows the hybrid working model is “here to stay”.
“People really value the flexible working models which have been in place since 2022,” he said. “Hybrid working provides a major opportunity for talent and employers to come together in a blended working model.
“These models give employees more independence, while also providing employers with a wider talent pool from which to source candidates with niche skill sets.”
Mr Winkless added that the data also suggests sustainable business practices are the “new expectation”.
“More than any other generation, Gen Z employees want to work for companies that give back and make a difference,” he said. “As this up-and-coming generation becomes a larger part of the talent pool, the expectation for companies to develop sustainable business practices will grow in importance.”
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
