More than two-thirds of Irish workers are expecting a pay rise this year, with half of those anticipating an increase of €2,500 or more.
However, whilst the Matrix Recruitment 2017 Salary and Benefits Survey indicates that a large proportion of employees are expecting a pay rise this year, it also shows that these expectations may not be met by employers.
Some 36 per cent of the 1,537 people surveyed received a pay rise in 2016. Of these one-third received less than €1,000; 19 per cent got a pay rise of between €1,501 and €2,500; while a further 18 per cent got more than €5,000.
The survey shows that car insurance, health insurance and rent increases were the key contributors for 83 per cent of employees who experienced an increase in their cost of living last year.
In response, three-quarters have or intend to cut back on their spending. Seven out of 10 said they would reduce spending in restaurants and on nights out; 61 per cent on holidays; and 43 per cent on groceries.
Of the 18-to 24-year-olds who reported an increase in their personal cost of living, 25 per cent suggested they would need a pay rise of €5,000 to meet their current living costs.
Cost of living
For those living in Dublin, moving to another county because of the increase in the cost of living is a realistic option, with 70 per cent of 18- to 24-year-olds and 46 per cent of 25- to 34 -year-olds stating that they would consider a move.
One-third of employees expect to change job in 2017, although more than half admitted they would be willing to stay with their current employer if an offer of a higher salary was made.
Joanne Foley of Matrix Recruitment said the results indicate that salary was not the only consideration for workers.
“The Matrix findings show that 31 per cent of people would consider a pay cut for a new job that offered a stronger career path and greater opportunities. That doesn’t imply that salary isn’t important. It absolutely is, but it’s not always the number one reason for taking a job.
“The suitability of the role to a person’s skills, interests and experience, a good benefits package, location and attractive working hours are of significant importance when it comes to attracting candidates to a job.”
