Approximately one-third of these employers anticipate wage hikes of up to 5%, while over 20% expect increases between 6% and 10%. Additionally, a quarter plan to enhance benefits or bonuses. Notably, none of the 300 companies surveyed, spanning various sizes and industries, intend to reduce wages.
Despite only 26% of companies expecting wage increases in mid-2023, 41% actually raised pay in the latter half of the year. Science and education sectors reported the most significant pay rises, with all surveyed employers in these fields increasing wages.
In the transport, logistics, and automotive sectors, wage increases were reported by 55-65% of companies. The IT, retail, wholesale, manufacturing, health, pharmaceuticals, tourism, hospitality, and engineering sectors saw 40-50% of companies raising pay.
The motive behind these changes, as reported by almost 40% of employers, is to retain current staff. The employee turnover rate was 10% in 2023, down from 12.4% in the previous year, with pay being the primary reason for staff departures.
The net hiring forecast for the first half of the year stands at +42.41%, a decline from last year’s +54.49%. Sectors most optimistic about hiring include transport, logistics, healthcare, pharma, banking, finance, and insurance, with over 70% of employers in these industries planning to increase their workforce.
Conversely, potential layoffs are not ruled out in IT, retail, wholesale trade, manufacturing, automotive, and construction sectors, with about 4% of companies surveyed expecting workforce reductions.
