This year Morgan McKinley has launched the first ever salary guide which includes comprehensive coverage of Salaries and Benefit packages across 15 disciplines. New features of this year's guide include:
- Analysis of salary ranges in Dublin and across three regional locations (Cork, Limerick and Waterford)
- Profiling of employee benefits packages across a wide range of sectors
- Top 3 most “in demand” positions for each of the 15 professional categories featured
In order to gain insight into the current and future trends within the domestic professional job market in Ireland, our Inward Investment team obtained internal data from a sample of over 25,000 professional placements made across 15,000 employers over the past 12 months.
The data was gathered from placements made throughout 2013 in each of our specialised markets, which include; Accounting & Finance
, , Engineering
, Banking & Financial Services
, Human Resources
, Supply Chain
, Tax, Practice & Legal
, Sales & Marketing
and Office Support & Customer Service. This data, combined with market information, has allowed us to provide an accurate representation of salary and benefit packages and current and future employer skill demands.
Overall the results of the guide indicate that 2013 was a positive year for Ireland’s professional recruitment market and with a more positive economic outlook forecast for the year ahead, Morgan McKinley is more optimistic for employment in 2014.
Snapshot of key trends
The results of the Guide show that the Financial Services sector experienced an increased requirement for experienced professionals incuding; Auditors, Compliance Officers and Project Managers, all of which dominated the list of “in demand” positions for employers within this sector. Positive hiring trends were also witnessed within Human Resources, where key areas such as Talent Acquisition, Organizational Effectiveness and HR Analytics experienced growth in demand throughout 2013.
The Pharmaceutical, Medical Device and Food sectorsalso performed well due to an increased focus on R&D coupled with increased global demand for these highly regulated products. This activity has led to positive hiring trends within these industries as companies are looking to raise headcount to support the development of more high quality products and getting them to market as effectively as possible. This activity has led to positive hiring trends within the Science, Supply Chain and Engineering sectors. In Science areas such as Quality, Compliance and Regulatory Affairs remain in very high demand. Procurement Managers, Supply Chain Analysts, Buyers, Planners and Inventory Managers were also in high demand across the Supply Chain space while in Engineering, Manufacturing, Process, Design , Automation and Quality Engineers are all in high demand.
One significant trend which was witnessed within the professional recruitment market throughout 2013 was an increase in Fixed Term Contract duration with contracts being extended by up to 12 - 24 months. The “contractor” resource became an integral part of the Talent Acquisition strategy for hiring managers across a number of sectors in 2013, including A&F, Financial Services and IT. This form of recruitment can be attributed to a restriction in permanent headcount, ongoing project requirements and continued need for maternity/sickness cover, and we expect this trend to continue into 2014.
Results from this year's guide also show a doubling in some IT salaries, with an experienced UX (User Experience) Developer receiving a hike in salary from €42,000 to €85,000 in under three years.
- Salary Differentials between Dublin and regional locations: The guide analysed salary ranges in Dublin and across three regional locations; Cork, Limerick and Waterford. Results indicate that professional salaries in Dublin are, on average between 8% - 15% higher than in the regions. This trend was particularly evident within sectors such as Accounting & Finance and Financial Services. The results of the guide indicate an approximate 17% salary differential between Dublin and Waterford for a Financial Accountant and an 18% differential for a Mortgage Arrears Officer when comparing basic salary ranges between Dublin and Cork. The degree of difference in pay was noticeably less across the most "in demand" professional positions such as Software Development, Engineering, Supply Chain and Human Resources.
- Employee Benefits: This year's guide included the addition of an in-depth breakdown of benefit packages across each sector with analysis of benefits such as pension, healthcare, bonus, life assurance and annual leave. 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 a 10% average employer contribution across a number of other sectors. We also found that annual leave allowance varies significantly according to sector, for example Accounting & Finance award their employees with the highest number of annual days leave at a maximum of 27 days per year, whereas the average recorded across all other sectors was 20 - 23 days per year. When reviewing bonus offerings, our results indicate that Supply Chain professionals receive the highest percentage bonus of basic salary (at management level) of up to 50%. The average bonus offered across the majority of other sectors is 5-10%.
- Most “in demand” positions for 2014: The 2014 Guide includes details on the top three most “in demand” positions across each of the 15 professional categories referenced. Some examples of the positions outlined include; Payroll Managers, Online Marketing Managers, DevOps Engineers (IT), Supply Chain Analysts, 3D Design Engineers and Compensation & Benefits Specialists.
Forecast for the Future
The results from the guide support an overall positive forecast for future skills needs, salary levels and benefit offerings in Ireland at present. We expect that there will continue to be a strong demand for skilled professionals in recent emerging disciplines such as Digital Marketing, R&D (Life Sciences), and Data Analytics. In relation to salary levels, we anticipate that professionals with the requisite skills for these areas may experience a salary increase in 2014 as the demand will exceed supply in the short to medium term.
On a positive note we are also seeing a return to hiring in the SME sector, the most significant uplift in five years. This is a strong indicator of a return to confidence in the economy post bailout exit.
We hope you found our 2014 Salary & Benefits guide to be informative and, as always, we welcome any feedback you may have. For any specific questions or areas of interest regarding salaries, contract/temporary pay or hiring information, please feel free to contact the Inward Investment team or any of our specialists consultants at Morgan McKinley.
Finally, we would like to thank you for your continued support and wish you all the best for the year ahead.
Need more information about our 2014 Salary & Benefits Guide?
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