More than half of job seekers (54%) in Switzerland have or are considering, a second job to keep up with inflation, according to the latest Candidate Pulse Study 2023 from Michael Page.

The study also found that most candidates had not received salary increases to cover inflation, which has led them to look for new jobs or be open to new job offers.

Meanwhile, 66% of Swiss respondents agreed or strongly agreed, that they are more likely to accept job offers to obtain higher salaries. Most, or 63%, did not expect their current salaries to cover inflation over the next 12 months while 40% had intensified their job searches as a result of inflationary pressures.

Michael Page’s study showed that when compared with border countries, Swiss candidates were some of the least likely to have received salary increases to cover inflation. Approximately a quarter, or 24%, of Swiss candidates received a salary increase, over the past two years, to compensate for inflation, compared with France (35%), Germany (27%) and Italy (19%). The study noted that across all countries, the key areas where candidates felt the most impact from inflation were food, energy, housing and fuel costs.

Yannick Coulange, managing director, PageGroup Switzerland, said, “If there is enough financial scope for even a small salary increase, then we recommend that it is paid to those employees at the lower end of the salary scale. Not only are they the most impacted by inflation, but it sends a strong positive message about your culture; that you care about employees and are prepared to address their needs.”

Further research from Michael Page found that across all surveyed countries the majority of candidates felt that employers should publish salary information in their job advertisements: Switzerland (55%), France (62%), Germany (63%) and Italy (66%). 

“This supports the ongoing experience of Michael Page consultants that salary benchmarking is critical to keeping up with employees and candidates expectations,” the study stated. “This is especially the case in industries with talent shortages such as engineering, IT, health and life sciences.”

Enhanced performance in the same role was the main reason for any salary increase. Of those Swiss-based candidates that had obtained salary increases, 54% had received performance-based salary increases compared with France (73%), Germany (52%) and Italy (67%).

“This highlights the importance of training and development to further enhance employees’ productivity and chances of future salary increases. It also presents a case for employers to clearly define and even publish their talent development capabilities,” the study added.