7 in 10 workers will switch jobs if their pay increment is lower than the inflation rate
More than half of employees expect a pay increase of more than 6% in 2023.
Over 78% of employees said they will change jobs in 2023 if their pay increments will be lower than the inflation rate, Robert Walters has found.
According to the HR expert, more than three in five (61%) employees expect a pay rise of more than 6% by next year given that core inflation is expected to average around 4% in 2022.
Whilst most employees (80%) are keen on asking for a pay raise, some are hesitant to negotiate their salaries either because they don't want to jeopardise their job security (26%), they don't know to (18%), or their company was heavily impacted by COVID-19 (14%).
For those planning to switch jobs, Robert Walters said they can expect a salary increase of 15 to 20%. Increments can also go up as high as 40% for talent-short areas such as tech.
According to Robert Walters, the industries which can expect pay increases in 2023 are Supply Chain & Procurement (88%), Accounting & Finance (87%), and Banking & Financial Services (85%).