Trenkwalder: Nearly two-thirds of employees in the private sector perceive a deterioration in their financial situation this year

By: Trademagazin Date: 2023. 10. 03. 10:48

48 percent of employees working for companies are dissatisfied with their salary. 62 percent of them perceive a deterioration in their financial situation this year, and 53 percent feel that their labor market opportunities have narrowed compared to last year, according to Trenkwalder’s labor market research conducted at the end of September.

Over the past year, inflation has exceeded the rate of wage growth, and the real wage is expected to return to growth in these months, parallel to the reduction of monetary deterioration. In this situation, in a survey of 500 people, Trenkwalder assessed the attitudes of employees in the private sector regarding their salary and their current workplace.

The consequences of inflation are also felt by employees: 48 percent of respondents are dissatisfied with their current wage level. 31 percent of those who have reduced their salary would be satisfied with a salary increase within 20 percent, another 30 percent would consider an additional income of between 20-30 percent to be adequate. However, the majority can expect the next salary increase in January at the earliest: at the end of September, only 28 percent of respondents reported that their employer compensated at least partially for the effects of the currency deterioration with a mid-year increase.

In an inflationary environment, it is easier for significant wage differences to develop between individual workplaces, so it is also important to monitor how much extra income employees are willing to change jobs for. 7 percent of all respondents would change for a 10 percent higher salary, and 65 percent would leave their current job for a 30 percent more favorable alternative job offer.