Most employers plan to give their employees pay rises next year – Ibec report

THE majority of employers plan to give their employees pay rises over the next year, a new report has found.

According to business advocacy group Ibec’s annual update on workplace trends and insights, 80 percent of the bosses surveyed said they would increase employee pay in 2023, with an average increase of 3.8 percent.

Meanwhile, 54 percent of respondents plan to increase their workforce starting next year. Ibec said there is “high competition” for talent and skills.

The report’s findings were presented yesterday at the organization’s flagship HR Leadership Summit in Croke Park.

Maeve McElwee, Director of Employer Relations at Ibec, said at the event the survey showed companies were facing “talent shortages,” prompting a greater focus on employee retention initiatives.

These include “wage increases, additional benefits, additional vacation time, the provision of a variety of wellbeing programs and greater consideration for flexible, hybrid or remote working.”

“Human Resources needs to capitalize on the upheavals of the last two years to foster new cultures of fast learning, technology adoption and continuous change,” she said.

The report also states that hybrid and flexible working models now have “priority” in talent management.

“Moving forward, employee expectations around remote or hybrid work are likely to have the greatest impact, suggesting the organization still has work to do on that front,” it said.

They say diversity and inclusion remains a priority for many organizations. Most employers plan to give their employees pay rises next year – Ibec report

Fry Electronics Team

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