Irish workers in line for an average pay increase of 2.6% in 2020 Ireland ahead of larger European countries such as the UK, France and Germany
DUBLIN, 19 DECEMBER, 2019 — Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking, and solutions company has released Irish findings for its 2020 Salary Budget Planning Report. The global review of salary movements around the world shows that Irish workers are in line for a 2.6% average pay increase in 2020, with an overall salary increase of 1.9% after inflation is accounted for.
The data shows that Irish workers are in line for the joint highest salary increase of any European Union member state, alongside Malta in 2020. This is the second year running that Ireland has topped the EU rankings with a post-inflation salary increase of 1.7% recorded in 2019.
The Irish inflation adjusted rate of salary increase for 2020 (1.9%) is also higher than the EU28 average of 1.1% and significantly higher than many other European states including the United Kingdom (1.0%), France (1.0%) and Germany (1.3%). Other European Union countries that are expected to perform strongly include Luxembourg (1.7%), Romania (1.7%) and Denmark (1.6%).
Irish employees are also reporting that they enjoy regular salary reviews, with 98% expecting a review in 2020, up slightly from 96% in 2019. Spring is the most popular time for reviews to take place, with over 50% of those in 2019 held during March and April.
Jenny Smyth, Talent and Rewards Country Lead at Willis Towers Watson Ireland, said:
“As we move in to 2020 these figures reflect the ongoing competition for talent across the economy”
Jenny Smyth
Talent and Rewards Country Lead at Willis Towers Watson Ireland
“As we move in to 2020 and Ireland continues to experience growth, despite broader global uncertainties such as Brexit and ongoing trade tensions, these figures reflect the ongoing competition for talent across the economy.”
“While it is fundamentally important to ensure that any salary increases are sustainable, these figures confirm that Ireland remains an attractive location for employers and employees alike. As employers focus on retaining and nurturing talent in a competitive Irish jobs market we are seeing innovation in approaches to Total Rewards but salary will always be the primary focus for all parties.”
The Salary Budget Planning Report is compiled by Willis Towers Watson’s Data Services Practice. The survey was conducted online in June/July 2019 amongst companies participating in Willis Towers Watson's compensation surveys across the Europe, Middle East and Africa region. We received over 9,000 sets of responses covering 74 countries worldwide.
The report summarises the findings of Willis Towers Watson’s annual survey on salary movement and reviews practices as a means of helping companies with their compensation planning for 2020 and beyond.
Consumer Price Index (CPI) inflation figures are compiled by the Economist Intelligence Unit (EIU). Figures as at July 2019.
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