Job market strengthens in 2015 but employers warned against excessive salary increases
• Salaries – Average salary increases in 2016 will be in the range of 10%, rising to 15-20% for specialist positions in sectors where there are skills shortages, including Life Sciences, IT, Accounting & Finance, Science and Engineering.
• Salaries - Employers warned against excessive salary hikes despite robust job market.
• Top 5 paying Jobs by sector in Ireland –
• Talent - IT, Finance, Risk, Life Sciences, Pharma and Engineering professionals will be most in demand in 2016.
• Retention and reward strategies - Attracting and retaining staff was a key concern of employers in 2015 and will remain so this year. In order to minimise attrition levels, companies are focused on providing comprehensive career pathways for employees including training and career development, as well as ensuring their reward structures remain competitive.
• Returning emigrants - More Irish emigrants are expected to return home in 2016, primarily from Australia, Canada and UAE. The record jobs growth last year has increased the confidence of those considering a return, particularly those with young families. The strength of the regional jobs market is also driving interest from Irish considering a return, they are attracted by the lower living costs outside of the urban centres of Dublin and Cork.
• Inward Investment – The IDA’s focus on digital media/content, ICT, international financial services, life sciences and business services sectors has delivered clear results. Following record years from the IDA and Enterprise Ireland in job creation we note the importance of remaining cost competitive into 2016.
• Gender – The traditional gender quota is shifting in certain sectors. In 2015, the HR profession attracted more male graduates than previously. A higher proportion of women applied for roles in life sciences, engineering and legal.
• Technology – Technology is impacting every job sector and an aptitude for technology is becoming a pre-requisite for many non IT roles, including roles in HR, Finance and Marketing.
• “C” suite Executives – High proportion of Irish based Vice President and other “C” suite executive roles are being sourced internationally.
The guide includes data for average salary ranges across all sectors.
To see the full 2016 Salary and Benefits Guide click here .
Monday 11 January 2016: The Morgan McKinley 2016 Irish Salary & Benefits Guide - Ireland’s most comprehensive analysis of pay and benefits across a range of professions and sectors, anticipates that professional talent will be most in-demand in Life Science, Engineering, ICT and Financial Services sectors - Risk, Tax and Funds.
In addition, supporting services such as Accounting, Human Resources and Customer Service & Sales with multilingual experience will continue to be sought after in 2016.
Salary increases this year are likely to be in the region of 10% on average, rising to 15-20% for specialist positions where there are skills shortages. The annual salary guide published today also provides an average outline of benefits by sector.
Chief Operations Officer with Morgan McKinley, Karen O’Flaherty said:
“We are anticipating on average a 10% increase in salary levels this year and would caution restraint in this area. Inward investment is dependent on the ability to attract top talent and to be cost competitive.
Where demand for talent is high we continue to trend a much lower salary differential between Dublin and the regions, particularly in the areas of Life Science, Pharmaceutical, Engineering and ICT.
More generally, candidates with strong technical skills across all disciplines are becoming the norm as technology infiltrates all sectors.
We are also seeing a narrowing of gender gaps, especially in the area of HR, where more males are entering the profession and in the Life Science and Engineering areas as more females are qualifying and securing roles.
We expect to see the continued return of ex-patriots this year as professionals who left return with young families and are more confident of securing employment.
We are optimistic for 2016 with all indicators suggesting it will be another strong year for job creation and growth.”
Accounting & Finance
Financial Services & Treasury
Tax and Practice
Sales & Marketing
Further press information:
Rachel Graham, MKC Communications, 01 703 8600 / 086 8488092
Notes to editors:
Irish owned Morgan McKinley carried out an analysis of a sample of over 40,000 placements using internal data gathered in 2015. Additionally trends, market intelligence and market sentiment were obtained from a large cross section of employers. This research, combined with the publication of our monthly employment monitor, has allowed us to predict current and future skills and talent requirements and to obtain benchmarking analysis for professionals seeking new roles and hiring companies alike. Evidence points to a stronger employment market in 2016 across a wide range of industries, sectors and locations in both the permanent and contract recruitment market.
About Morgan McKinley
Irish owned 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.