Average Irish weekly earnings increased by 4.3% in the first quarter of 2023, compared to the same period in 2022, according to the Central Statistics Office. The information and communication sector saw the largest annual percentage increase, with average weekly earnings up by 10.1% for employees in these areas.
With the Irish workforce contending with rising costs across goods and services, fluctuating interest rates and the associated expense of being back in the office two or three days a week, employees are very likely to have, in real terms, less cash to spend.
As a result, many people will be thinking about how to increase their take-home pay into 2024. While the Department of Finance, the Central Bank of Ireland and the European Commission have forecasted an average wage growth of 5.6% next year, other research has found that workers can actually see much larger salary gains if they move jobs.
Job-hopping on the rise
Job-hopping, or staying two years or less in a job, is on the rise. In fact, 64% of employees advocate job-hopping, and millennial workers are the most likely to change jobs frequently, with 75% of those under the age of 34 saying it can also be a career benefit.
The average salary increase for job switchers is 14.8%, and those who stay in a job for more than two years tend to make less than those who go elsewhere, as they will be subject to smaller annual increases from their employer.
The statistics seem to make things fairly clear: if you want more money, you’ll need to go through the time and effort it takes to find a new role. So what can you do to ensure you get the salary you want in 2024?
1. Go to your boss first
While it's true that looking for a new job can be a great way to earn significantly more money, you should have a chat with your manager or team lead before you go ahead and apply for new roles.
Ask for a meeting where you can discuss your salary expectations, and succinctly put forward your reasons for wanting a raise. While you may think you deserve more money regardless, you should come prepared with facts and figures.
Explain how your work has benefited the company this year––if you can show percentage increases or how you’ve met or exceeded KPIs, then you’re giving concrete evidence of your worth.
2. Benchmark your salary
Before you speak to your current employer about money, or look for a role elsewhere, make sure you’ve got your figures correct. Benchmarking your salary is an essential piece of fact-finding, and helps you to understand whether you’re being paid under––or over––the odds.
Checking company review websites such as Glassdoor is a good first port of call. You can also ask peers in similar jobs at other companies for their salary scale and benefits, which will give you a better picture of what people in similar roles receive.
3. Wait for the offer
As early as an initial recruiter screening interview, you may be asked for your salary expectations. Try to avoid being too specific at this point––you don't yet understand the roles and responsibilities of the job, so you may inadvertently low-ball yourself; a position it can then be difficult to negotiate upwards from.
Instead, explain that you’d like to get a sense of the job first, before you talk about money. You can also ask the recruiter or hiring manager for the salary scale that is available for that role. Without giving a set figure, you can indicate whether that range is in line with your expectations, or not.
Keep in mind that there are other forms of compensation beyond salary, and a good package should include other elements that are of financial benefit to you, such as a good pension contribution and health insurance.
Jobs are, of course, not all about the money. If you do decide to seek a new role for 2024, then some of the other factors to consider are whether you’ll get to do interesting and engaging work, and you should also consider whether you’ll have the chance to learn, upskill and engage in professional development at this new job.
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