As we are almost halfway through the year and mid-year performance reviews are just around the corner, many professionals are taking a moment to reflect on their job, their employer and their pay.

To find out what the prevailing sentiment is among professionals, Robert Walters has recently conducted a survey. How satisfied are employees in their jobs? Have salary increase expectations already been met this year? How many professionals are planning to look for a new job in the second half of the year? We discuss some of the survey results below.

Pay rises: reality versus expectations

Back in December 2023, Robert Walters surveyed professionals' expectations regarding salary increases in 2024. Back then, it showed that 38% of respondents felt optimistic about this. The same question in June 2024 shows that only 6% saw these expectations take effect in the first half of the year. Another 14% did receive a pay rise, but less than expected. An overwhelming majority of 80% have not yet received a pay rise in 2024.  

Size of salary increases 

Expected salary increases also vary. In December 2023, 46% of respondents hoped for a modest increase of 1-5%, while 34% expected an increase of 6-10%. However, the June 2024 survey shows that 65% of respondents who received a pay rise fell within the 1-5% range. This suggests that even when pay increases occur, they often do not deliver the desired or expected increase.

Asking for a pay rise: the dilemma 

As we look ahead to the mid-year performance reviews in July, it is interesting to know how professionals feel about asking for a pay rise. A significant proportion (38%) plan to ask for a pay rise in any case. However, 22% of professionals take a more cautious approach and let their decision to ask for a pay rise depend on how their evaluation goes.  

On the other hand, 41% replied that they do not intend to ask for a pay rise.  

Özlem Simsek, managing director at Robert Walters, says: "This may indicate a lack of self-confidence, but possibly economic factors are also at play here. Our December 2023 survey revealed that the economic climate dampened salary prospects for 37% of professionals. The first half of the year has been turbulent on the economic front, so it is not inconceivable that professionals will adopt a wait-and-see attitude regarding salary negotiations as a result."

Plans for the second half of the year

Robert Walters also surveyed professionals' plans to change jobs in the coming months, and to what extent dissatisfaction with salary is a driving factor.

As many as 61% of the professionals surveyed plan to look for a new job before the end of 2024.

Interestingly, only a modest percentage (13%) cited dissatisfaction with their salary as the main reason for their job change.  

Özlem Simsek: "This result confirms the sentiment we have been feeling in the labour market in recent years. Salary remains an essential factor of course, but nowadays professionals are looking for the total package: a competitive salary and opportunities to work from home, combined with alignment with company values, job content, growth prospects, proximity and effective management."

More information

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