Almost half of employees in Ireland suffer from financial stress

• A third (33%) of employees in Ireland say their organisation shows no concern for their financial wellbeing
• 41% believe that their employer did not adequately compensate for inflation last year
• 44% would like to be able to request a salary advance 
• Almost a quarter (23%) of employees would leave a job if they were dissatisfied with their financial stability

Dublin, 12th September 2024 – SD Worx, formerly Intelligo, a leading payroll and HR solutions provider, today announces the results of its latest research which reveals the high levels of financial stress being felt by employees in Ireland. It found that nearly half (44%) of employees in Ireland are experiencing financial stress, while a third (33%) do not believe that their organisation shows concern for their financial wellbeing or reducing this stress.  

The independent study was commissioned by SD Worx and carried out by iVOX among 1,000 employees in Ireland to gain insights into their financial concerns and wellbeing. As the cost of living continues to rise, 41% of those surveyed believe that their employer did not adequately compensate for inflation last year, while 44% said that they would like to be able to request a salary advance. Just 28% of workers feel like they have a significant influence in their salary negotiations. 

SD Worx, which has software solutions that can support dynamic salary adjustments, including inflation-based salary reviews, found that many employees in Ireland believe they are not adequately compensated. Some 27% say they are dissatisfied with their complete reward package, which includes their salary, bonus, and other fringe benefits such as health insurance. The same percentage are not satisfied with the monetary part of their package such as the base salary and bonus. Meanwhile, 29% reported that personal performance is not sufficiently rewarded within their workplace.

The survey also suggests that financial stress among employees can have a major impact on businesses. Some 23% of employees say that they would leave a job if they were dissatisfied with their financial stability and job security.

Eimear Byrne, Country Leader, SD Worx Ireland, said: “In the current economic climate, organisations must take into account the impact that adequate rewards packages have on employees’ financial wellbeing. Our research shows that employees are grappling with rising costs and are concerned with their financial stability. When not reflected by proportionate salary increases, the increasing cost of living amplifies the stress and pressure that employees and their families are placed under. 

“It’s crucial that employers take a step back and understand the influence that this stress can have on their employees, both inside and outside of work. Payroll shouldn’t be a silo – payroll and HR are closely linked, and they must work together to ensure a happy and well-rounded workforce. SD Worx’s integrated payroll and HR software can enable more efficient salary management to support cost of living adjustments, enhance employees’ financial wellbeing through industry insights and benchmarking, and adjust rewards packages to more accurately reflect individual performance – providing a holistic approach to improving the employee experience.”