Nearly two-thirds of professionals in Ireland believe they are underpaid, new data from hiring platform IrishJobs shows.

Around 64% of the 1,224 respondents to the IrishJobs Salary and Benefit Survey don't believe their salary reflects their skills, qualifications, and level of experience, although 44% reported receiving a pay rise in the past year.

Some 62% of those who received a raise recently indicated that it did not meet expectations, with 77% saying it was in the 1-5% range.

The majority of employees (63%) were found not to have an opportunity to negotiate salary increases with their employer regularly,

"While the rate of inflation is moderating, wage growth continues to lag behind the level of increased costs," said Sam Dooley, country director of The Stepstone Group Ireland with responsibility for IrishJobs.

"However, this landscape is expected to shift positively for workers, with the latest quarterly economic bulletin from the Central Bank predicting that compensation in real terms will grow over the next three years.

"Our data shows that 64% of professionals feel that their current salary does not reflect the value they contribute to their organisation.

"Salary benchmarking systems can be an important tool for employers and employees when navigating salary discussions, ensuring the balanced assessment of talent cross-industry.

"By making sure these systems use reliable and up-to-date data, employers can enable a fair approach to compensation and remain competitive."

Some 87% would prefer a higher base salary and fewer performance-based incentives, although most businesses did not offer such incentives. 54% said they don't receive any additional bonuses or financial compensation, while 33% reported receiving a performance bonus.

The study found salary is the most important criteria for professionals when considering employment packages followed by healthcare plans, pensions scheme, annual leave days, flexible working arrangements, and bonuses.

Work-life balance is extremely important when assessing job opportunities for over half (53%) of employees.

Flexible working arrangement, ie choosing a working structure based on individual circumstances, is the most highly valued working structure among staff at 44% ahead of hybrid working (27%), fully remote (15%) and fully office-based (14%).

“Flexible working structures continue to be a highly popular aspect of the employment offering," said Dooley.

"With the government recently issuing guidelines on the right to request remote and flexible working, it will be important for employers to consider how they can embed flexible and remote working within their employment structures to meet the evolving needs of potential talent.

“With a tight labour market expected to continue through 2024, the insights released today should be a useful tool in helping employers to adapt their employment offerings to effectively compete for talent over the coming months.”

(Pic: Getty Images)