More than 75pc of employers plan to give staff rises in 2018 as talent war heats up
More than 75pc of employers in Ireland plan to give their staff pay hikes this year as the war for skilled talent intensifies.
According to the latest Cpl Resources Employment Market Monitor, bosses have acknowledged the struggle to retain key employees.
Those who participated in the survey said that it was important to incentivise their staff in the current employee-led landscape.
Rob Daly, Senior Director, Cpl Resources said that the employment sector is currently "very vibrant", as unemployment rates dropped as low as 6.1pc last month.
"Employees have many more opportunities than five years ago and employers know they have to incentivise their staff to stay with them," he said.
According to the survey, therefore, employers stated that their top business costs are salaries and related employment benefits.
This is closely followed by property and rental costs.
The report also revealed that a record number of jobs were created in the first three months of the year.
Postings in the accountancy, finance and banking were of particular note, performing very strongly at 40pc above the base year of 2016.
Sales and Marketing also saw an increase which brings its index level to 25pc above 2016 levels.
"Marketing and Sales jobs postings have jumped a lot since 2011, and even after recalibrating the figures, year on year, Marketing and Sales jobs are very much on the up," said Mr Daly.
"Demand for these positions can often spike in the first quarter of the year, however, once a company experiences fast access to good talent, they tend to return for similar and related marketing and sales positions as a result."
In response to the ongoing Brexit negotiations, 68pc of companies who took part in the survey said they have yet to experience any impact.
Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin said the latest figures show a return to year-on-year growth in the number of jobs posted.
"While that growth is still modest, it is encouraging that three quarters of firms intend to increase salaries this year, while only one third is feeling the effects of Brexit at this time," he said.