Thursday 27 June 2019

Sought-after professionals in line to pick up pay rises of 20pc due to 'Brexit boost'

An anti-Brexit campaigner outside Westminster Palace. Photo: AFP/Getty Images
An anti-Brexit campaigner outside Westminster Palace. Photo: AFP/Getty Images

Anne-Marie Walsh and Charlie Weston

Sought-after professionals will pick up pay rises of up to 20pc this year as employers predict a "Brexit boost".

Workers in skilled financial services and IT roles are set to reap the benefits of new opportunities as companies locate their European bases in Ireland rather than the UK.

Recruitment firm Morgan McKinley found that 52pc of employers believe the Irish market will be seen as "more attractive" due to Brexit.

It predicted that pay rises will range from 5pc to 20pc for in-demand skills where there is competition for talent.

The agency's latest salary report notes that for the first time in 10 years there is a higher percentage of Irish people returning for work than emigrating.

"While this is positive news for the Irish employment market generally, professionals returning home from London, New York, Singapore, Hong Kong or Sydney are also coming back with higher salary expectations," it said.

The agency's global FDI director, Trayc Keevans, said there were 55 Brexit-related investments here last year and Barclays, Goldman Sachs and JP Morgan are among those setting up offices.

She said as well as pay rises, many employers are offering "relocation support", including finding accommodation. There is stiff competition for cyber security professionals, financial accountants, banking and insurance staff.

The salary survey also shows that 60pc of professionals believe they are underpaid and deserve higher salaries, and most work more than their contracted hours.

In addition, 57pc of employers think there is a skills shortage in Ireland - adding to the likelihood of spiralling pay where talent is in short supply.

The demand for cyber security professionals has been driven by the rising number of cyber attacks globally that has increased the threat hackers pose to businesses.

According to the recruitment company, the demand for artificial intelligence and 'machine learning' professionals will "take centre stage" this year as more employers will advertise for specialised roles in this area.

"The year ahead looks both promising and uncertain," said the survey. "As Ireland continues to move towards full employment, the war for talent will continue. Counter offers and retention bonuses are increasingly prevalent as employers seek to retain their most valuable employees. Candidates are also seeking a better work-life balance and choosing to accept roles based on the level of flexibility a company is willing to provide."

Meanwhile, large numbers of people who have worked in Britain are entitled to a tax refund, but many are unaware of it. Tax specialists Taxback.com said the rebates could be worth more than €1,000.

An estimated one in three Irish people who have worked in the UK are entitled to a tax rebate. But many are not aware of their eligibility.

A crash-out Brexit could see thousands of Irish people returning home from the UK, which will mean they will be entitled to claim tax refunds.

Taxback.com commercial director Eileen Devereux said the UK has remained a popular destination for Irish workers in recent years.

Recent Central Statistics Office figures show a total of 12,100 Irish people migrating to the UK in the last year.    

Irish Independent

Also in Business