More than 5 in 10 employees will quit their jobs if not given a pay raise by 2023
Some are already looking for higher-paying jobs.
Over 56% of employees said they plan to quit their current jobs if they will not be given a pay raise by 2023, a survey by job portal, Indeed showed.
Indeed said some (37%) employees are even looking for higher-paying jobs already.
According to the study, 60% of workers surveyed have not received a salary hike in the past year, whilst 16% have not seen an adjustment for two years or more.
Four in five employees said they have also been hit by inflation, with 40% saying rent increases have affected them, and 73% now considering using more public transport to avoid extra fuel costs.
Since many have yet to receive a salary hike, and costs have been rising, employees are now expecting their bosses to "compensate for the inflation with wage growth," said Saumitra Chand, Career Expert for Indeed Singapore and India.
Based on the study, 70% of employees plan to ask for a salary increase or promotion in the next 12 months. Of those seeking a pay hike, only half (50%) believe that they will receive the adjustment in the next 12 months, and only one in five are pessimistic about getting a better paycheck.