Businesses brace for salary hikes

Businesses brace for salary hikes

Salary increases – and indeed more than usual – are being requested or expected to be requested by employees at 81% of businesses in Greece, in order to recover the purchasing power they lost in previous years, but also during the last two years, due to inflation. That serves as another headache for company managers, given that in many cases they do not have the “luxury” not to respond positively to the request for a pay increase, as they have difficulty finding the right staff.

As revealed by the latest report of claims management company Intrum, “European Payment Report 2023,” which was made public on Tuesday, this phenomenon is not unique to Greece, but appears with much greater intensity in several European countries.

On the European Union level, the corresponding percentage is 85%, while in more than nine out of 10 companies in Finland, the United Kingdom and Hungary, employees have asked for wage increases and in fact much higher than before. It is no coincidence that in several European countries, such as Germany and France, workers’ unions have recently resorted to major industrial action demanding wage increases. 

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