Pay rises have not proved large enough for workers in Ireland as almost 50pc are unhappy with their pay, according to a new report from Hays. Moving jobs is the new priority.
Various reports into employment find salary levels as important, but not critical. Instead, work-life balance, the ability to grow, progression and other variables emerge as true reasons why staff are happy to join, or stay, in an organisation.
However, according to the recently released Hays Salary Guide, workers might not be so willing when it comes to perks replacing salaries.
According to the report, 47pc of employees are not happy with their salaries despite increases, with two-thirds of employers giving pay hikes in 2016.
Tough to get the talent
More than half of employers will again provide pay rises in 2017, though 44pc of those surveyed cited unrealistic salary expectations as a major issue when hiring.
A slender labour pool is obviously a problem, and has been for some time. However, there are other pressures on employers, adding up to quite an environment for employees with the right skill set.
Nearly half of all employees said they planned to change jobs in the next year, while 24pc said they were considering a move one to two years from now.
Saying it’s time to move on from talks of an economic recovery in Ireland, Hays Ireland MD Richard Eardley claims the country is now deep into a new economic cycle.
“From our own findings, the problems facing businesses now are much more in line with what they faced ten years ago, pre-crash,” he said.
“The demand for labour, particularly in technical fields, is so high that candidates can essentially pick and choose who they work for and push for higher salaries.”
Adapt and learn
“This [is] in stark contrast to just four years ago, where for many it was a matter of taking what was offered. Employers need to adapt to this changing landscape,” said Eardley.
76pc of Irish employers expect to be challenged by a shortage of suitable candidates, as competition for talented professionals becomes intense.
In direct response to this shortage of skilled professionals, a quarter of employers are increasing their training and recruitment budgets, and one in five are putting more effort into marketing.
But something’s got to give, with employers again forced to look overseas to fill key positions. Somewhat surprisingly, this is a particularly prevalent trend in the construction sector, which is making an ongoing effort to attract emigrant engineers, architects and other professionals back to Ireland.
Of course, there are other ways to attract staff.
Salary notwithstanding, candidates and employers agree that career development is the most important factor for a new role. Elsewhere, 18pc of candidates think work-life balance is the most important factor, compared to 11pc for employers.
Though clearly money is still the major factor.
“Our findings indicate that generations tempered by recession and economic insecurity may be less likely to make risky career moves, and instead value long-term career development and job stability,” said Eardley.
“Businesses that are in sync with their employees’ needs will find it much easier to retain and attract talent, even in a highly competitive market.”
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