Business Irish

Thursday 21 June 2018

Record demand for graduate recruits as crash shortages push up salaries

Stock photo: Thinkstock
Stock photo: Thinkstock
Ellie Donnelly

Ellie Donnelly

Demand for recent graduates is at an all-time high, according to the Hays Ireland 'Salary and Recruiting Trends 2018' report.

With Ireland currently the fastest-growing economy in the eurozone - an upward trajectory that is expected to continue until 2024, according to a PwC forecast - the country will need to be able to continuously meet the demand for graduates to sustain this growth.

The report notes strong demand for graduates across the technology, life sciences and construction sectors.

Looking at the expected salary levels in those fields the report finds that recent technology graduates can expect to earn between €30,000-€55,000 per year, as demand for workers in this sector increases.

Meanwhile those who have recently qualified in the field of life sciences can expect to earn around €25,000-€50,000 a year.

The emigration of qualified engineers during the recession is still being felt in Ireland today, resulting in a "major" shortage of engineers with four-to-six years' experience.

Hays Ireland director Maureen Lynch.
Hays Ireland director Maureen Lynch.

As a result of the scarcity, salaries are being pushed upwards, with newly chartered candidates and graduates benefiting as companies compete to attract the best talent.

Taking all of the construction sector into account, graduates in the area can expect to earn between €25,000-€35,000, according to the report.

"Although the demand for recent graduates is at an all-time high, it is important for graduates to understand what skills are in demand and a job's earning potential," according to Maureen Lynch, director at Hays Ireland.

"Our 'Salary and Recruiting Trends 2018' report provides valuable insights for graduates looking to gain a greater understanding of the opportunities in the Irish jobs market today and in the years ahead," Ms Lynch said.

The report comes amid increased calls for greater balance between apprenticeships and degrees in Ireland.

Earlier this year, Eoin O'Malley, director of the MSc in Public Policy at the School of Law and Government at Dublin City University, said people here will "soon need a PhD to pull a pint".

Research last year showed Irish workers are among the most overqualified in Europe for the jobs they do.

Dr O'Malley said that reliance on third level needed to be balanced by the apprenticeship system in Ireland.

The number of people in apprenticeships in Ireland is at about 8,000, a small fraction of the number in third-level colleges.

By contrast, in Germany as many as 60pc of school leavers take up apprenticeships, often followed by ongoing professional education.

Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business