3 days Ago By Irishexaminer.com
Wage demand are likely to rise next year as employees manage increased workloads in rapidly changing work environments, a survey suggested. A survey published by professional services firm PwC indicated that many workers will eye job opportunities outside of their organisation in the next year amid a chronic skills shortage in the labour market and lingering financial burdens. Gerard McDonough, partner in workforce consulting at PwC Ireland, said: “The priority for employers is to engage with their employees along with providing as many opportunities for them to develop their skills in order to retain their key talent.
” Half of respondents will ask for a pay rise The PwC survey found that over half of 1,000 Irish respondents in a global survey plan to ask for a pay increase in 2025, while 40% said they are likely to switch employer — with skills development a major factor among staff planning to leave. The survey also suggested that some employers will need to invest more heavily in GenAI technology training and access in a bid to keep staff while evolving their business. For example, 34% of Irish workers don’t think there are opportunities to use the technology in their line of work, while 26% don’t have access to GenAI tools at work and 29% don’t know how to use the tools.
The PwC Irish 2024 Workforce Hopes & Fears Survey signalled that staff demands for increased pay and skill development may be fuelled by increased workloads and changing workplace trends. Irish respondents in particular likely underestimate the pace and impact of these changes in the workplace. For example, 36% said that technological change, including AI and GenAI, will impact their jobs to a very large or large extent in the next three years compared to nearly half of their global counterparts.
Mr McDonough said: As workers face heightened uncertainty, rising workloads and ongoing financial stress, they are prioritising skills growth. Ireland’s unemployment rate remains at historically low levels and declined further last month to 4.3% from 4.
7% in July, according to figures from the CSO. However, the cost-of-living crisis continues to loom over Irish households despite the high number of employment. The majority of Irish respondents said they are financially stressed, however cost pressures have eased slightly from last year.
Employers should facilitate upskilling Susanne Jeffery, director of workforce consulting at PwC Ireland, said: “Financial stress can have a highly negative impact on an employee. “We know from the survey that a significant proportion of employees will be seeking a pay increase. “Employers can help this by ensuring employees have access to upskilling programmes to help prepare them for promotional opportunities and to develop in demand skills.
” Meanwhile, employees are set to see wages rise in real terms next year as consumer affordability improves against a backdrop of cooling inflation and reduced interest rates. The PwC survey included responses from 56,000 workers across 50 countries. Separate research released last month, by Clare-based firm HR Locker, had similar findings around AI in the workplace and noted a lack of trust in the responsible development and deployment of AI among both business leaders and their workforces.
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