SOME GOOD NEWS for employees across the country this morning – your boss may be thinking about given you a raise.
A survey from the Irish International Business Network (IIBN), a non-profit organisation, found that more than half of businesses in Ireland plan to increase basic employee salaries over the next 12 months.
The survey also found that across Ireland and the UK, business confidence has risen significantly with 81% of respondents indicating they were more confident than they had been in the past year. More than three quarters of respondents reported an increase in turnover compared to last year and almost 64% reported an increase in gross profits.
Commenting on the report’s findings, economist and IIBN Ireland board member Susan HayesCulleton, said:
Economies here and in the UK are seeing a steady recovery. An increase in confidence has resulted in more people and businesses spending money, which has led to the increased sales we see in the report. The knock on effect of this is greater opportunities for employees and the opportunity to create an increase in real wages.
Late payment from customers remains the biggest challenge facing businesses. However, its impact has declined over the past year. In 2013 56.2% of respondents stated that late payment from customers had a mild or very negative affect on their business. This has fallen to 45.1% in 2014.
Hayes said the results are “hugely promising” and that the IIBN is encouraged to see that Irish businesses, both home and abroad, are “going from strength to strength”.
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