Purse with coins and an arrow indicating a pay rise concept on a pink background.
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Tech sector hardest hit by pay rise pressures, survey finds

11 Oct 2022

Globally, 44pc of tech workers surveyed by PwC are planning to ask their employers for a raise.

More than half of workers in Ireland and around the world plan to switch employers in the next 12 months.

That’s according to a survey carried out by PwC focused on employees’ hopes and fears in the workplace. It surveyed 52,195 people in 44 countries, including 521 respondents based in Ireland.

Globally, 53pc of respondents said they are likely to switch to a new employer in the next year, while Ireland’s proportion of would-be switchers was slightly higher at 56pc.

Concerns about pay and feeling valued were some of the chief concerns of workers everywhere. Just over half (56pc) of Irish employees feel that they are being fairly rewarded financially for their work. The global figure was higher at 62pc.

Pressure around pay was found to be highest in the tech sector, with 44pc of those workers surveyed globally saying they planned to ask for a raise.

‘Employees are not just looking for decent pay, they want more control over how they work and they want to derive greater meaning from what they do’

Almost two-thirds (65pc) of Irish employees overall plan to ask their employer for a raise in the next 12 months. More than half (57pc) said that they are just about able to pay all of their bills every month with very little left over or are struggling to pay their bills. The global figure was 49pc.

Nearly one-fifth (17pc) of Irish and global employees said that they are extremely or very likely to leave the workforce permanently or temporarily in the year ahead.

Just a quarter of Irish employees (25pc) said they were very satisfied with their job. Increased pay is a main motivator for job changers, but many workers indicated they wanted a better work-life balance also.

Around three-quarters of Irish people said they wanted a fulfilling job, while others said they wanted to feel less stifled and more like themselves at work. Almost half (45pc) of Irish workers prioritised choosing where they can work, indicating hybrid working may be here for the long term.

Concerns about tech skills at work

Significantly, workers also had concerns about the role of technology in the workplace. For Irish employees, 27pc said they are worried about their role being replaced by technology in the next three years.

More than two-thirds (39pc) of global workers said their employer is not teaching them the relevant technical or digital skills they need for their career. The Irish statistic was not much better, at 38pc. A similar proportion (38pc) said that their employer is not investing in innovative technology.

Employees with in-demand skills felt more empowered and better positioned in asking for their needs to be met. Globally, the survey suggested those with in-demand skills are more likely to feel satisfied with their job, feel listened to by their managers, and have money left over after they pay their bills.

Just 37pc of Irish employees said their employer is investing in upskilling, compared to the global figure of 40pc.

Ger McDonough, PwC Ireland partner for people and organisation, said there is “a tremendous need” for businesses to do more to improve the skills of workers, while being conscious of the risk of polarisation if opportunities to develop aren’t provided.

“At the same time, employees are not just looking for decent pay, they want more control over how they work and they want to derive greater meaning from what they do,” McDonough added.

“These are linked: by acquiring skills, employees can gain the control over the work they are looking for. Leaders have to adapt to build the teams needed to successfully deal with the challenges and opportunities of today and those yet to come.”

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Blathnaid O’Dea
By Blathnaid O’Dea

Blathnaid O’Dea worked as a Careers reporter until 2024, coming from a background in the Humanities. She likes people, pranking, pictures of puffins – and apparently alliteration.

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