Cash-strapped and stressed, Irish workers are increasing their pay demands

Irish workers feel more overworked than their global peers while almost a quarter cannot pay their bills or are struggling to do so, according to a PwC study.

In response to the Big Four firm’s annual workplace hopes and fears survey, some 23 per cent of more than 1,000 Irish respondents said they were struggling financially, up from 11 per cent last year and above the global average of 18 per cent. Only 36 per cent of respondents said they are fairly financially rewarded for their work, compared with 42 per cent globally.

At the same time, workers in the Republic were marginally more likely to report feeling overworked (23 per cent) compared with their global peers (22 per cent). Less than half (45 per cent) said they find their job fulfilling, also below the global average (53 per cent).

Combined, these factors are driving up pay demands, according to PwC. Almost two-fifths (38 per cent) of employees here said they were planning to ask for a pay rise, up from 32 per cent in 2022.

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While these conditions prevail, Laoise Mullane, director at PwC Ireland, said businesses and organisations should be concerned about employee burnout.

“With 23 per cent of workers feeling their workload unmanageable, additionally navigating societal, political and economic instability places a significant mental and emotional strain on workers’ health and wellbeing,” she said. However, Ms Mullane said there was an opportunity for employers to enhance their rewards offering to focus on wellness, by aligning rewards “to physical, emotional, mental, social, career and financial wellness”.

Employees in the Republic also expressed dissatisfaction with their current workplace culture and their manager’s abilities.

Some 42 per cent of Irish respondents said their manager considers their viewpoint when making decisions, compared with a global average of 45 per cent. Fewer than half (47 per cent) said their manager was open and transparent about the decisions they make while 55 per cent feel that their manager treats them and their colleagues fairly and equitably.

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Ms Mullane said: “With the ongoing high living costs, we see a workforce that wants to be fairly rewarded, along with more meaning from their work. In the current environment, where skills gaps appear to be widening, efforts to retain talent are failing, and more employees than ever are financially struggling – the power of the workforce and culture becomes more important than ever.”

Meanwhile, Irish workers said they were keen to learn new skills with more than half indicating a willingness to do so. However, only slightly more than half of respondents said they were confident their employer would help them upskill compared with 60 per cent globally.