High percentage of Irish workers believe they are not paid enough

A high percentage of Irish professionals believe their current salary does not reflect their skills, qualifications, and level of experience according to new research from hiring platform IrishJobs.

As many as 64% of professionals believe their current salary does not pay enough..

The IrishJobs Salary and Benefits Survey 2024 gathered insights from 1,224 professionals across businesses in Ireland to identify shifting attitudes and actions on salary and benefits in a fast-evolving labour market.

The most recent Salary and Benefits Survey found that 63% of workers do not have an opportunity to negotiate salary increases with their employer regularly.

The research also showed that 44% of workers received a pay rise in the past 12 months. Of those who did, just over three quarters said it was in the range of 1-5% with 62% indicating that the increase did not meet their expectations.

Salary is the most important criteria for professionals when considering employment packages, according to the research, closely followed by employee benefits.

Most popular employee benefits include healthcare plans, pension schemes, the number of annual leave days, flexible working arrangements, and bonuses/financial incentives.

Just over fifty percent of respondents ranked work-life balance as extremely important when assessing job opportunities.

Perks, typically not included in the formal terms of a job contract, are also valued by employees as part of employment packages. Commuter benefits such as free and subsidised parking were ranked as employees' most highly valued perks, followed by employee discounts and free food.

Sam Dooley, Country Director of The Stepstone Group Ireland with responsibility for IrishJobs, said the survey provides insight into the impact of an evolving economic and labour environment on employee attitudes around job offerings.

"While the rate of inflation is moderating, wage growth continues to lag behind the level of increased costs," Mr Dooley said.

"However, this landscape is expected to shift positively for workers, with the latest quarterly economic bulletin from the Central Bank predicting that compensation in real terms will grow over the next three years," he added.

“With many businesses struggling to keep pace with demands for higher wages, expanding benefits and perks can be an important means of creating a more attractive proposition for workers without breaking budgetary constraints. Our research shows that commuter perks such as free and subsidised parking that can offset costs are highly popular among employees," Mr Dooley added.

The IrishJobs Salary and Benefits Survey 2024 gathered insights from 1,224 professionals across businesses in Ireland.