Over 75% of employers plan to give their staff pay rises in 2018, according to our latest Cpl Resources Employment Market Monitor. With seasonally adjusted unemployment rates dropping to 6.1% in March this year, employers are aware there may be a future struggle to keep staff.
Employers also cited better career opportunities (41%) and better salaries and promotions (33.3%) as the most common reasons why they lost employees. Over 80% see the employment market favouring employees.
According to the survey, employers find that the top business costs are salaries and related employment benefits, followed by property and rental costs.
Despite the uncertainty of Brexit negotiations, 68% of companies believe they have yet to experience any impact.
“The employment sector is very vibrant at present,” said Rob Daly, Senior Director, Cpl Resources.
“Employees can move with more fluidity than five years ago and employers know they have to incentivise their staff to stay with them”.
However, while the picture is largely positive, 68% of respondents noted that the boom was back only in certain, already-affluent parts of the country, most notably Dublin. This may relate to the high property and rental costs referenced earlier since much FDI-related investment is in these more affluent areas.