More than 50 per cent of professionals in sa国际传媒 are expecting pay raises this month, while 37 per cent of managers say they simply don’t have the money, according to a new salary survey by Robert Walters sa国际传媒 recruiting agency.
The survey found 56 per cent of professionals expect a raise this month, and 43 per cent expect a bonus.
And while 72 per cent of managers surveyed said they would like to give employees raises, 37 per cent said they don’t have the budget for it.
Another 39 per cent said bonuses are unlikely this year. Of the companies that do plan to give bonuses this year, two-thirds said it would be much less than promised at the start of 2024.
"Managers are caught in a tough spot,” said Martin Fox, managing director of Robert Walters sa国际传媒.
“They recognize and want to reward their teams' hard work, but tight budgets are tying their hands. This highlights the growing need for businesses to get creative in retaining top talent this year – from flexibility and wellbeing benefits to more purpose-driven work and formalized career paths."
While 40 per cent of managers said they have not ruled out spot bonuses or mid-year pay raises in 2025, the Robert Walters survey notes that 72 per cent of professionals surveyed said they will be looking for a new job in 2025.
“With 72 per cent of professional stating that they are looking for a new job in 2025, businesses may have an exodus on their hands if pay rises come too late.”
Managers are encouraged to seek other alternative incentives to keep employees from leaving.
“In addition to increasing non-financial related benefits (where possible), businesses should also revise their timelines on pay reviews so that they don’t leave their employees hanging in the lurch," Fox said.
"Where new year and mid-year pay reviews are the norm, businesses should consider quarterly pay or bonus reviews – particularly if they were unable to give the anticipated end of year bonus or pay increase.”
