Portuguese employers plan to increase their budgets to support a 4% wage increase in 2023, as they try to attract and retain staff in the context of rising inflation and a challenging job market, according to the latest WTW salary budget planning report, a consulting, brokerage and solutions firm.
The report, which involved 403 organizations in Portugal, concluded that the expected salary increase for 2023 is greater than the average increase of 3.2% in salary budgets allocated for 2022. Half of the companies (51%) report that their salary budget is now higher than they had hoped. to be it.
Employers are increasing salary budgets for three main reasons, 86% say they are concerned about inflation, 44% say they are responding to a more demanding job market, and 30% say they want to improve retention of existing employees.
Of the Portuguese companies that participated in the WTW study, a quarter (27%) believe their business prospects are better than they expected, while 46% say they are in line with their expectations.
Moreover, 17% plan to increase the number of permanent employees in the next 12 months. Half (52%) of employers still plan to hire new professionals for sales roles within the next 12 months, while 44% are hiring for IT roles and 39% intend to hire more engineering professionals.
Andrea Hargraves is a contributor to Brytfmonline.com, covering a broad range of topics including news, politics, business, technology, sports, entertainment, and lifestyle. She is committed to delivering clear, accurate, and reader-focused reporting that helps audiences stay informed about current events and emerging developments. Andrea’s work emphasizes useful information, balanced coverage, and stories that matter to everyday readers, making complex topics accessible and relevant to a wide audience.