Three in four companies plan wage hikes

The shortages of workers, particularly skilled ones, defining the current economic climate have improved their bargaining position vis-a-vis employers. 

According to Randstad's HR trends survey of business executives for 2023, 66% believe job seekers have unrealistic salary expectations. Indeed, this figure has increased by 17 percentage points compared to 2022.

However, employers will nonetheless need to increase wage expenditure. As a result 54% of firms plan to recruit and 75% will implement pay rises to retain staff, as 74% of employees say that if they find better pay or more favorable working conditions in a competitive company, they will leave their current job. Tellingly, Greek companies are planning to increase employee wages, with the majority (36%) ranging between 1% and 5%. There are 4% that plan to provide a wage increase of 16% or more in 2023.

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