MORGAN McKINLEY 2014 SALARY & BENEFITS GUIDE

Aldagh McDonogh 30.01.2014

Highlights

  • Professionals in Dublin receive between 8% and 15% more than those in identical jobs in other regions.
  • Talent: Demand for talent is highest in sub-disciplines such as software development, data analytics, research & development (R&D) and digital marketing.
  • Pay: User Experience (UX) Consultants salaries double in less than three years: from €42,000 to €85,000.
  • Annual Leave: Average is 20 to 23 days but those in the accountancy & finance sector receive up to 27 days per annum.
  • Bonus: Average bonus for professionals is between 5% and 10% but Supply Chain professionals receive up to 50% for senior professionals.
  • Pensions: On average employer pension contributions are 10% but this increases on average to 15% in the financial services sector.
  • Health Insurance: Managers receive health insurance fully paid for them and their families while their workers receive employee cover at best.

 

Thursday January 30th 2014: The Morgan McKinley 2014 Salary & Benefits Guide - Ireland’s most comprehensive analysis of pay and benefits across a range of professions - has revealed the true state of pay for professionals in the Irish economy.

Compiled by Morgan McKinley’s from a sample of over 25,000 placements made across 15,000 employers, it analyses a wide range of job titles broken down by location and experience levels. Uniquely, the Guide includes an examination of employee benefits (such as pensions, health insurance, annual leave) in tandem with current salary offerings across a wide range of professional disciplines.

See guide here

Speaking at the launch of the 2014 Salary & Benefits Guide, Director of Inward Investment at Morgan McKinley Ireland, TraycKeevans said:

“Ireland’s most comprehensive study into salaries and benefits shows that, for many professionals, Ireland has rebounded strongly.

"As the demand for top talent remains competitive, we have seen an increase in the number of employers seeking to benchmark their benefits offering to ensure it is competitive in attracting and retaining the best professional talent. In response to this, we chose to include an overview of benefits offered for management and non-management professionalsin this year’s Salary Guide.

“The analysis shows that the life sciences and financial services employers continue to offer the most attractive total benefits offering to professionals. Interestingly, the Salary & Benefits Guide found that, for some professions, there was a large salary differential based on location.

Salary differentials noted for Dublin and regions
“The guide looked at ranges in Dublin and across three regional locations: Cork, Limerick and Waterford. It found that professional salaries in Dublin are, on average, between 8% and 15% higher than in the regions

“However, the degree of difference in pay is significantly less across the most in demand positions such as software development, engineering, supply chain and human resources.

“For sectors such as accountancy & finance and financial services, there is a notable differential in salary ranges offered in Dublin than in areas like Waterford and Limerick:

  • Financial Accountant: 17% salary differential between Dublin and the regions (Waterford and Limerick)
  • Mortgage Arrears Underwriter (in Financial Services): 18% salary differential between Dublin and Cork.
  • User Experience (UX)Consultant: Pay in Dublin is only 5%. higher
  • Design Engineer– 11% salary differential between Dublin and Waterford & Limerick with only a 5% differential between Dublin and Cork.

 

“The four professions noted above also see a rapid increase in salary as someone climbs the career ladder, no matter where they based. A User Experience (UX)Consultant in Dublin can expect to receive between €23,000 and €42,000 per annum in the first three years of his career and this is similar to Waterford where the same job earns between €22,000 and €38,000. Impressively, after over five years, the same developer can expect to earn between €65,000 and €80,000.

Benefit packages
“Analysis of employee benefits across each sector highlighted significant differences in benefit packages on offer. In relation to pensions, financial services offer the highest employer contribution at 15% with the average employer contribution across all sectors at 10%.

“In terms of annual leave, the accountancy and finance sector reward their employees with the highest number of annual leave days, at a maximum of 27 days per year whereas the average across all other sectors is 20 to 23 days per year. In relation to bonus offerings, supply chain professionals receive the highest percentage bonus of basic salary at management level of up to 50%. The average bonus offering across the majority of other sectors is 5-10%.

Top 3 jobs
“The guide also features a list of the top three most in-demand positions per discipline. The research indicated that in the banking & financial services sector the top three most in-demand positions are Auditor, Compliance Officer and Quantitative Analyst, while in the science sector, the top three most in-demand positions are Regulatory Affairs Specialist, Audit & Compliance Manager and QC Analyst.

Forecast for the future
“We are experiencing the emergence of a strong demand for skilled professionals in more recent emerging disciplines such as digital marketing, research & development (life sciences) and data analytics. We anticipate that salaries for professionals with the requisite skills for these areas may rise in 2014 as the demand will exceed supply in the short to medium term.

“It is also encouraging to see a return to hiring in the SME sector, the most significant uplift in five years and a strong indicator of a return to confidence in the economy post bail-out exit."

Ends

Further press information:
Mike Miley, MKC Communications, 01 703 8600/ mike@mkc.ie
Tim Kinsella, MKC Communications, 01 703 8600/ tim@mkc.ie
Monica Beresford, Morgan McKinley, monicaberesford@morganmckinley.ie

Notes to editors:

Survey methodology
Morgan McKinley Ireland carried out an analysis of a sample of over 25,000 placements made across 15,000 employers using internal data gathered in 2013. This new methodology was used in order to gain a more detailed understanding of employer offerings reflecting real-time placement, salary and benefit package trends.  The data was gathered from placements made in each of our specialised markets, which include; accounting & finance,  customer service, engineering, financial services, human resources, IT, office support, sales and marketing, supply chain, science, and tax, practice & legal.

The results of this research have been collated and published in our 2014 Ireland Salary and Benefits Guide, available in full on our website: Morgan McKinley 2014 Ireland Salary and Benefits Guide.

Inward Investment team
This guide was compiled by the Morgan McKinley Inward Investment team. Morgan McKinley is the first and only recruitment consultancy in Ireland to appoint a dedicated Inward Investment team championing the Irish labour market.

About Morgan McKinley
Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.

With offices across Ireland, the UK, EMEA, Asia and Australia, its specialist professional recruitment expertise spans a wide range of divisions including but not limited to Accountancy & Finance, Financial Services, IT,  Supply Chain, Science, Engineering, Multilingual, Sales and Marketing, HR , Customer Service  Office Support and Managed Services. Morgan McKinley is a preferred supplier to many of the major employers and thousands of smaller local firms in its specialist sectors.

In 2013, Morgan McKinley was recognised in the Irish Independent’s listing of Best SME Workplaces in Ireland. We are also proud to be ranked in Deloitte’s Top 20 Best Managed Companies in Ireland for 2013.

www.morganmckinley.ie

 

Transformation Director
amcdonogh@morganmckinley.com