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A stubbornly high inflation rate across Europe continues to have a real impact on employees and job seekers. While the European Central Bank predicts that inflation in countries like Switzerland, France and Germany will drop a bit – from an average of 8.4% in 2022 to about 5.6% this year – that’s still way above the ECB’s target of 2%.
How exactly is inflation affecting the career priorities and choices of European job seekers and employees? Are people considering a side hustle or a second job to make ends meet? And what can companies do to help their staff deal with rising costs and keep them from jumping ship to competitors with better financial offers?
In order to find out, Michael Page surveyed 208 candidates and employees across continental Europe. The results offer surprising insights and might make you rethink how you find and keep top talent.
An eye-opening 54% of employees across Switzerland are seriously thinking about or have already started working side jobs to make ends meet amid climbing living costs. Breaking down this figure, 16% have already taken a second job, while 38% are seriously considering side hustles.
This trend of employees taking on a second job or side hustle brings challenges for employers. Staff spread thin across multiple jobs are more prone to burnout, which affects their well-being; their performance can also suffer, which directly impacts your company’s bottom line.
A mere 9% of those surveyed said that inflation hasn’t touched their daily lives, leaving the vast majority feeling squeezed, particularly when shopping for groceries or paying their utility bills. Despite these financial strains, nearly half of the respondents – 44%, to be exact – said they hadn’t seen a salary increase in the past year. Among those lucky enough to get a raise, 44% indicated that this extra income was explicitly designed to help offset the harsh effects of high inflation.
As our Talent Trends 2023 report has shown, against the backdrop of persistent inflation in Switzerland and other countries in Europe, 42% of respondents are actively searching for jobs with higher salaries to cope with the soaring cost of living. Another 40% are becoming more flexible in their job search and open to positions they might not have considered before. Surprisingly, only 19% have attempted to use the rising cost of living as a bargaining chip to negotiate higher salaries over the past year – and only 8% were successful in these negotiations. This reveals a disconnect between employers and employees when addressing the impact of inflation on wages.
Clearly, many employers have yet to take substantial action to help employees maintain their purchasing power in these challenging economic times. Why? One reason could be that employers are struggling with their own budget constraints due to inflation, making them hesitant to offer raises. Another could be a lack of open communication about how inflation is affecting both the company and its employees, leading to missed opportunities for collaborative solutions. Read on for some tips on how to beat inflation.
A solid majority (74%) of workers said their employers had taken no action to combat the effects of inflation, apart from giving salary raises. A smaller majority (60%) believe salaries should be adjusted to account for inflation, irrespective of employee performance. Worryingly, 63% of respondents doubt their wages will keep pace with inflation in the next year.
Our survey also found that close to 9 out of 10 people (86%) think companies should be more transparent about their salary policies, including how they intend to adjust for inflation, during the recruitment process.
Not addressing the issue of inflation can make your company less attractive to potential hires. As for your current employees feeling the pinch of inflation, they may end up taking on side hustles and second jobs to make ends meet. At a time when, according to workers, only one-third of companies are taking extra steps to actively combat inflation’s effects, this represents an opportunity to stand out.
Navigating through periods of high inflation and other market disruptions can be challenging. Michael Page offers a team of specialised consultants, backed by over 25 years of market experience, to help you find top talent and design attractive compensation packages. And if you want to keep pace with market trends, our comprehensive salary studies are a must-have resource.
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