Karen O’Flaherty, Chief Operations Officer, Morgan McKinley Ireland, talks about the 2011 nationwide salary guide.
Since the publication of our mid-year 2010 Salary Guide, the market has continued to experience very uncertain and challenging conditions with some exceptions in niche areas and specialisations.
To provide a clearer insight for job seekers and employers, we conducted a national telephone survey in November 2010 of over 700 operational managers nationally across financial services, accountancy & finance, technical, IT and office support to gain an insight into hiring trends within their companies.
The results of this survey have been combined with insight from our specialist consultants across our office network. The guide provides data and commentary on the extent to which salaries and bonus payments have been impacted by market conditions, as well as likely recruitment trends over the next 12 months.
Over the course of 2010, we saw increased hiring activity compared to 2009, although it remains at a relatively suppressed level in many businesses across the country. However, the survey results reveal some interesting facts.
Despite the ongoing economic difficulties, an encouraging 42.8% of managers expect to increase headcount this year – a promising indicator of business growth.
Slightly more than a quarter (25.7%) of managers expect to see salaries rise this year. While over half (63.6%) of managers anticipate that salaries will stay the same in 2011, only 10.7% expect salaries to decrease. These findings reflect the consistently challenging business environment that Irish companies continue to face.
Combined with these results are cautiously optimistic signs of growth and an emergence of specialist and niche skills in certain sectors. These indicators are also creating an increased recognition in the market of difficulties in professional talent acquisition and retention. This may be a factor in the modest salary increases predicted by 25.7% of managers across a variety of sectors nationally. Overall, the trends and expectations for this year continue to be cautious and modest but more optimistic than the last couple of years.
For any specific questions or areas of interest regarding salary information or specific skill sets, please feel free to contact me or any of my colleagues here at Morgan McKinley for further information.
Finally, I would like to reiterate our continued appreciation of your support and look forward to working with you in the future. We hope you find this salary guide informative and we welcome any feedback you may have.
Chief Operations Officer | Ireland
T: +353 1 432 1555
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