Since our 2009 Salary Guide the Irish employment market has clearly undergone significant changes and continues to experience very challenging economic conditions. In the midst of such uncertainty we have commissioned an “up to the minute” salary guide which we feel will be of significant benefit to both employers and job seekers alike.
In April 2010 Premier Group conducted a telephone survey of over 400 senior operational and HR managers across the Finance, Office Support, Technical and IT functions to gain an insight into salary trends within their companies.The results of this survey have been combined with data collated by specialist consultants across our office network. The guide comments on how salaries have been impacted by the economic downturn and reflects on likely trends over the next 12 months. View Survey Results
General sentiment is that salaries will remain unchanged during 2010 with as many as 30% of those surveyed expecting an increase”. Explains Bryan Hyland, Regional Director, Premier Group. It seems that pressure and uncertainty on salaries is at an end with the minority now forecasting decreases in salary. Premier has seen improved market conditions with steady growth over the past three quarters in the demand for qualified, experienced financial professionals. Interestingly the greatest growth is in the temporary / contract market. We expect demand in the permanent market to increase during Q3 2010 as market conditions continue to improve.Reflecting that the current market is not salary driven, a major challenge facing companies in trying to attract candidates is to demonstrate strong future growth plans as we exit these recession times.Generally the market continues to be challenged as Ireland lags behind the international recovery, however we are seeing signs of confidence and improved trading conditions and we are quietly upbeat on the market for the remainder of 2010.”
Generally the market continues to be challenged as Ireland lags behind the international recovery, however we are seeing signs of confidence and improved trading conditions and we are quietly upbeat on the market for the remainder of 2010.” Commerce and Industry
(Small Companies <100 employees) Indigenous businesses are still finding the market more challenging due to lack of liquidity in Ireland causing headcount expansion to be curbed. This uncertainty means the SME market remains the most challenged as trading conditions remain tight and confidence in making hiring decisions remains low. Finance job volumes have risen steadily since Q4 2009 with multinational organisations providing the bulk of positions. Indigenous businesses are still finding the market more challenging due to lack of liquidity in Ireland causing headcount expansion to be curbed. That said, there continues to be a reasonable demand with 1-5 years experience while there are fewer roles for senior candidates at controller and director level. 
Commerce and Industry
(Medium Companies 100 – 500 employees) Indicators show that there is growth in demand for products manufactured in Ireland. The knock on effect of this positive growth is that support services, including finance support will increase over 2010. However, it takes time for this growth to manifest itself in hiring strategies and with an obvious lack of confidence, progress, while improving, will remain sluggish. Interestingly, the current emphasis is on contract and temporary positions – a trend likely to continue throughout 2010 driving the moderate growth expected over the year. 
Commerce & Industry (Large Companies 500+ employees) Large multi-national businesses have proved the most resilient during the last 24 months. Globally trading is difficult but the lack of exposure to a particularly weak domestic economy has meant they have avoided the worst effects of the recession. With some world economies looking brighter we are already seeing demand from this sector. Qualified candidates with previous industry experience are set to benefit most from this upturn. 
Financial Services The Financial Services sector in Ireland faced severe challenges in 2009. The Accountancy and Finance market saw a slight improvement in appetite to hire during the second half of last year. Demand started to increase from October 2009 and has continued, picking up the pace particularly from February 2010. As always ACA candidates from the Big 4 are desired by this sector. With the Irish banks focusing on internal controls and regulations - Internal Audit, Compliance and Regulatory Accountants are much sought after. Retail banking continues to face tough business conditions. Hiring in this sector has been mainly focused on the need for Credit and Compliance professionals.Towards the end of 2009 corporate banking started to see increased activity. This is expected to continue throughout 2010 as international institutions leverage off opportunities created by weaker positioning of domestic banks. Lending professionals with expertise in corporate / debt recovery and restructuring have seen their skills in increased demand due to the conditions surrounding the commercial property crisis. Businesses with exposure to the construction and property markets are continuing to reduce headcount. Many employers in 2009 within the Banking sector were unable to commit to permanent hires and therefore opted for temporary and contract staff to fulfil an ongoing demand for certain skilled personnel. 2010 salaries remain static compared to 2009. However, some employers report an expectation of marginal increases of between 3 – 5%. To remain competitive most large employers are focused on managing human capital cost tightly. 
 
Fund Administration 2010 has already seen an increase in the volume of recruitment within the Funds industry, although it is not likely to reach levels seen before 2008. The increase in recruitment may be as a result of some organisations cutting numbers too deeply and others now successfully winning business. Changes to the Finance Bill in February 2010 provided certainty on tax treatment of foreign funds managed from Ireland which is viewed positively by the industry. The bulk of hiring will be at the mid-senior level with the majority of roles to date being within Hedge Fund Accounting, Anti-Money Laundering and Compliance. The Funds industry has also seen increased recruitment in the Shareholder Services area but reduced demand for Client Services and Relationship Management professionals.As the industry seeks to drive efficiencies and deliver change, the sector has seen an increased appetite for experts in Business Analysis, Business Change and Project Management.
Insurance, Mortgage and Actuarial The Irish insurance market has borne the brunt of some significant changes in the last year. Many firms had a freeze on hiring and lack of opportunities restricted candidate movement. As a consequence, salary expectations dropped and job security became a higher priority. In Q4 2009, the insurance market started to show slow signs of recovery which has continued into 2010. More optimism from employers has encouraged candidates to start looking at the jobs market again, however there is still a marked shortage of new job opportunities in certain areas. Brokers, Loss Adjusters and General Insurers are predicting an end to hiring freezes in Q2 2010. Actuaries, Loss Adjusters and Claims professionals are likely to be in high demand in addition to experienced Compliance and Risk Control experts.The mortgage market has been severely affected by the downturn. Mortgage broking in particular suffered a significant level of redundancies as a result of the continued strain on liquidity in the retail lending space.There has been limited new job activity in the market with most movement being redeployment of staff.Newly created roles are expected to be in Credit Risk Modeling and Arrears Management. With the deadline of October 2012 fast approaching, the insurance industry continues its preparations for Solvency II implementation. Though the final details have yet to be agreed, firms are busy assessing the requirements, implementing changes and examining their business models in light of the new regime. With an increase in general awareness of clients' Solvency II obligations, there has been a corresponding recognition of the need to recruit suitably qualified and experienced people who will assist with the implementation of these new compliance requirements.
The mortgage market has been severely affected by the downturn. Mortgage broking in particular suffered a significant level of redundancies with continued strain on liquidity in the retail lending space.
There has been limited new job activity in the market with most movement being redeployment of staff.
Newly created roles are expected to be in credit risk modelling and arrears management.
 Shared Services The Shared Service sector is still a steady and growing market in the Irish economy employing over 30,000 people. Shared Services continues to be centralised departments in one location that can include a range of functions including Finance Accounting, Customer Service, Technical Support & Order Management. Ireland remains a favoured shared services location for multi-national organisations due to our excellent pool of skilled and educated professionals. Since January 2010 we are again starting to see an increase in the demand for mainly qualified Financial & IT staff for this sector.These companies & centres continue to offer excellent training, affiliations with professional bodies and international experience.
Tax & Practice Despite a significant reduction in recruitment volumes in 2009, there was some demand for permanent and contract Tax Advisers within the industry in 2009 and this is likely to grow further in 2010.Audit and Advisory Practice was significantly impacted by the financial crisis, but saw an increase in demand for experienced audit practitioners within the top firms towards the end of 2009.There has been a slow rise in tax and practice roles in Q1 2010 with some practices unable to add headcount until cash flow issues are resolved. The overall outlook for 2010 remains positive and it is anticipated that the Tax and Practice recruitment market will pick up over the course of the year. 
Temps and Interim Management Since the start of 2010 demand for temporary Finance professionals has increased across multiple sectors helped by an improving economic outlook resulting in an increase in employer confidence.The rise in demand has been driven by project work, maternity cover and employers favouring temporary contracts to fill gaps where they cannot commit to permanent hiring.Professionals currently in demand are qualified Accountants, Credit Controllers, Accounts Receivable, Systems Accountants, Treasury Accountants, Project Managers and Financial Services operational staff.
Legal The Legal recruitment market has shown some improvement in 2010 with the majority of roles in Financial Services. Opportunities have arisen as a result of legal and regulatory changes within Financial Services creating some demand for Legal professionals. While there has been some growth in demand within the Financial Services sector, opportunities in Industry and Practice have been limited. Overall there has been downward pressure on salaries as candidate supply remains high. 
|