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Salaries on the increase as jobs market recovers

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Salaries on the increase as jobs market recovers


Tuesday, January 27, 2015 




Salaries on the increase as jobs market recovers

The annual 'Salary and Benefits Guide' from Morgan McKinley which was published today, says that workers in:

  • Digital media
  • ICT
  • Life sciences including pharmaceutics,
  • Engineering and
  • Financial services

will be most in demand in 2015 and these workers will be in a position to command higher salaries.

The survey, which is based on the experiences of more than 30,000 workers placed last year, in addition to market intelligence gleaned from individual firms and employers, is used to gather data on pay and conditions.

"Salary increases of up to 10pc are expected across a range of sectors this year as our economic recovery continues. Workers in IT, accounting, insurance and science can expect salary boosts ranging from 5-10pc, with wage increases now back on the agenda across a range of professions."

A more confident employment market is coming, following years of jobs cuts and salary reductions, and emigrants are returning home in increasing numbers as the economic recovery takes hold and the job market improves.

"We are seeing increases of between 5pc and 10pc for specialist roles in almost every sector, with even the retail banks now looking at salary reviews. Equity forms a greater proportion of the overall package for senior executives." "Where demand for talent is high, the differences in salary between Dublin and the rest of the country become less pronounced" said Trayc Keevans, Director of Inward Investment with Morgan McKinley.

Companies offering comprehensive training and opportunities for career advancement are the most successful in attracting and retaining talent.

The report  also says:

  • The most in-demand sectors are digital media, ICT, life sciences and financial services
  • Language experts and sales professionals with global experience, particularly those with German, Dutch, Arabic and Nordic languages, are sought after.
  • There has been a resurgence in the property and construction sectors.
  • The increase in high-profile cyber attacks has also driven demand for professionals in this field. 
  • While job opportunities are increasing, there are signs of skills shortages in some areas.
  • Demand for insolvency experts and those involved in company restructuring is falling, which is a further indication of economic recovery.

Source: independent.ie

The CareersPortal Team