Latest news with #salaryraise

BreakingNews.ie

Six in 10 employees expect to receive salary raise this year, research shows

Six out of every 10 employees (60 per cent) expect to receive a salary raise this year, according to new research conducted by FRS Recruitment. The research shows the majority of employers (55 per cent) are also expecting to provide a raise of approximately 1-3 per cent in 2025. Advertisement One in four (26 per cent) expect to increase wages by 4–5 per cent, and one in 16 (6 per cent) expect to give 6–10 per cent of a raise. However, one in nine employers (11 per cent) also say they have no plans to increase wages. People in Kilkenny are most likely to expect a salary increase (69 per cent), followed by those in Sligo (68 per cent) as well as Dublin and Limerick (65 per cent), while people in Cavan (28 per cent) have the lowest expectations of securing a raise, followed by Donegal, Leitrim and Westmeath (38 per cent). The annual FRS Recruitment Employment Insights Report also showed that more than four out of 10 people (45 per cent) are willing to move jobs for a salary increase of 10 per cent or less. A further three out of 10 would move for a wage hike of 11–20 per cent, with 15 per cent admitting they would move roles for a 21-40 per cent raise. While, separately two out of three (66 per cent) people say they would not take a pay cut if their job was at risk. Advertisement This focus on salary also aligns with what employers are experiencing, with five out of eight employers (62 per cent) noting more employees have looked to change jobs in the last year. Two out of three employers (65 per cent) say the main reason for this is salary, following by hybrid/ remote working (39 per cent), as well as employees seeking a new challenge (32 per cent). Housing concerns were only regarded as a key factor for job change by one in five employers (20 per cent). Job security The research also showed that less than four out of 10 employees (38 per cent) fear for their job security, down from almost half (47 per cent) who were concerned when the same question was posed this time last year. People in Carlow were the most fearful about their employment prospects, with 64 per cent admitting their concern, followed by Mayo (62 per cent), Donegal and Louth (58 per cent). Advertisement Least likely to be concerned were those in Kildare and Sligo (23 per cent), followed by Cork and Clare (26 per cent). Seven out of 10 people (70 per cent) also believe they could secure a new job in three months or less, up from the 49 per cent who were of that view this time last year. 20 per cent believe it may take them three to six months to secure a new role, seven per cent estimate it will take six months to a year and three per cent believe it could take a year or longer. Another finding of note from the research is that two out of out every three employees (65 per cent) have been asked to work more days in the office over the last year. Advertisement On the wider economy, seven out of 10 employers (72 per cent) acknowledge they are concerned about the current economic outlook, up from 58 per cent who admitted their concern when the same question was posed a year ago. Events on the other side of the Atlantic could also impact on employment opportunities, with almost half of employers (48 per cent) saying additional US tariffs on Ireland would influence their hiring outlook for the year ahead. Speaking about the research, general manager of FRS Recruitment said, Lynne McCormack, said: 'There is certainly a significant number of people who expect to receive a salary bump this year. "This isn't a new development, as there has been pressure on salaries over several years now in light of the rising cost of living and the general health of the economy. People feel secure in their jobs. Advertisement "They know the economy has been at full employment for some time and vast majority expect that to continue for at least another year or longer. "Most also believe that if they were to lose their job in the morning, they could quickly source an alternative. These are some of the factors that are giving them the confidence to expect better remuneration."