Sunday 30 April 2017

10pc pay hike - if you work in science or engineering

The salary guide noted that the jobs most in demand will continue to be in the pharmaceutical, financial services and IT sectors. Stock image
The salary guide noted that the jobs most in demand will continue to be in the pharmaceutical, financial services and IT sectors. Stock image
Colm Kelpie

Colm Kelpie

Workers are in line for salary increases of between 5pc and 10pc this year in areas of high skill demand, including science, engineering and accounting, an analysis has found.

The study, by recruitment consultants Morgan McKinley, also forecast that the total number of people in employment will continue to grow this year, albeit at a slower pace, with the potential for average salary increases of 5pc to 10pc for what are regarded as critical skills positions.

The salary guide noted that the jobs most in demand will continue to be in the pharmaceutical, financial services and IT sectors.

Karen O'Flaherty, Morgan McKinley chief operations officer, said forecasting is difficult given uncertainty around Brexit and the potential implications for the Irish economy, including a reduction in the forecast rate of economic growth by 0.5 percentage points to 3.4pc.

"FDI employment demand is currently strong...and it remains to be seen if there will be positive or negative impacts on FDI flows arising from Brexit and from changes in the US administration," Ms O'Flaherty said.

"However, we firmly believe Ireland's talent base and supportive infrastructure remain very attractive to inward investment."

Ms O'Flaherty noted about 30pc of all employment is in sectors that are heavily related to UK exports - particularly SMEs in the agrifood and tourism sectors.

"Given the increased prominence of a 'hard Brexit' scenario, any negative shock to export demand would flow through the economy with potential implications for the labour market and employment," she said.

Meanwhile, job postings for skilled tradespeople in Ireland increased by 44pc between 2014 and 2016, according to job site Indeed.

Key roles identified include carpenters, which recorded a huge 94pc increase, electricians, which saw a 30pc rise, and plumbers, up 29pc.

Indeed EMEA economist Mariano Mamertino said that while there is clear evidence of growth in the construction sector, the data gives rise to concern that the acceleration is not happening quickly enough.

Some of the sectors most in demand

Accounting: Regarded as a "buoyant" sector with a notable increase in hiring and significant competition for experienced and newly-graduated professionals expected.

Financial services and treasury: Job offers have never been more competitive. In some cases newly qualified accountants are seeking a minimum starting salary of €55,000 plus benefits.

Life sciences: Salaries will remain competitive in 2017. Demand for science skills is strong across pharmaceuticals, medical devices and diagnostics.

Sales and marketing: Salaries in 2017 will remain steady with some increases depending on the skill sets.

Tax: Expect an increase in demand for positions across all areas of tax from global mobility and employment tax to VAT, corporate tax and personal tax.

Irish Independent

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