Majority of workers would take pay cut to get out of Dublin
Surging rents and prices force firms to expect losses, writes Michael Cogley
The rising cost of buying or renting in Dublin will be one of the main concerns of employers and employees in 2019, a new survey has found.
More than half of employers expect to lose staff this year, specifically due to the cost of housing, according to the Abrivia Trinity College Dublin Salary Survey.
The study found that 46pc of companies reported the cost of buying a home as a hindrance to their ability to recruit new staff.
Abrivia Recruitment managing director Donal O'Brien told the Sunday Independent that workers reported a 9pc increase in their rent over the last 12 months.
"The results certainly show that there is a perception among those not in Dublin that there isn't a huge appetite to move there, predominantly because of rental accommodation," he said.
"Employees are also less concerned than they were about the salary differential of working in the city and think that there is a better work-life balance to be had away from it."
Most respondents were willing to take a pay cut - generally 1pc to 3pc - to move out of Dublin.
However, as much as 44.5pc said they would take a pay cut of up to 10pc to get out of the capital.
Similar results were found among those living outside of Dublin. More than half said they would need at least a 20pc pay increase to move there, while 19pc said they would refuse to go, regardless of the salary.
O'Brien said that the traditional challenges of getting the right staff for the right roles remain.
He said that in a market that has nearly returned to full employment, most of the good staff are "already in employment".
He also said that Brexit had already had a huge impact on the employment market, citing the move by Barclays to Molesworth Street in Dublin.
The study found that 35pc of employees are looking to buy a home this year if they don't already have one.
Working renters reported on average a 9pc increase in their monthly costs with some experiencing much higher hikes. Almost 60pc of workers expect to stay put in 2019.
Around 69pc of employers added to their overall headcount last year.
More than half of employees reported their salary had increased in line with, or better than, expectations last year while three-quarters expect another rise this year.
Workers also cited work-life balance as the most important reason to stay in their job, which was followed by interest in their work and pay satisfaction.
Sunday Indo Business