75% of Irish workforce expect recession this year

Almost 75% of the Irish workforce believes that we will be heading into a recession this year, according to new research from global recruitment agency Phoenix.

Despite this, the same number said they are of the view that their jobs will be safe.

20% of those surveyed are concerned about potential job losses and 5% are unsure.

Meanwhile, 39% of respondents are looking to move job this year despite the volatile environment at present, with 31% looking to remain at their current place of work and 30% unsure of their movements in the next 12 months.

“2022 was a difficult year for the tech industry, and indeed other industries, and recession concerns are prevalent,” said Ed Rossiter, founder and co-CEO of Phoenix.

“Despite the challenging outlook, it is and will be an employee-driven market.

“Businesses should continue to be cognisant of this to retain their talent as the desire for flexible work and other competitive benefits will continue,” he added.

Today’s figures show that half of respondents surveyed reported that they are currently engaged in a hybrid model, working two or three days in the office, and the remainder of the week from home.

Only 15% of respondents recorded being based in the office full-time, while 26% of those surveyed work from home full-time with no use of an office space.

“While conversation regarding a full time return to the office has been spearheaded by spokespeople such as Elon Musk in recent months, Ireland’s employers are yet to really catch wind – hybrid remains dominant, and the benefits of this approach remain visible,” said Ruth Lyndon. , co-CEO of Phoenix.

“In-person culture is a key component of business, but the acknowledgment of each worker’s individual and bespoke needs remains a draw for many jobseekers,” she added.

While the cost of living crisis persists into 2023, the results of this survey show that in 2022 only 26% of workers received a pay increase to reflect the challenging economic climate, with the remaining 74% receiving no increase.

Almost nine out of ten respondents believe that they should receive a pay rise to meet these challenges in the new year, with only 12% of the opposing view.

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