Salary growth 'set to continue into New Year'
IT sector leads the way with some pay cheques up 20pc this year, writes Samantha McCaughren
Irish salaries are predicted to rise again in 2020, following increases of between 3pc and 5pc on average this year, according to the annual salary survey from recruitment company Brightwater.
In certain sectors such as IT, where demand exceeds worker availability, Brightwater said there had been salary increases up to 20pc.
However, Barbara McGrath, managing director of Brightwater, said these increases were being skewed by counter-offers in niche areas such as cybersecurity and compliance and risk.
She also said the regions were seeing increased job creation.
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"The Munster area in general has seen employment growth in cybersecurity, medtech, pharmaceutical and fintech, as well as manufacturing," she said.
"Since the launch of the Regional Action Plan for Jobs in 2015, the Irish Government has made it a priority to focus on regional areas to help facilitate the creation of jobs and so far, the Munster and Connacht regions have grown at a slow but steady rate."
A breakdown of salary trends across different sectors found:
- Accountancy: Brightwater has seen a 3-5pc pay increase in most areas for accountants, particularly those outside of practice. Salaries for some accounts administrative functions have remained the same, with this due in part to the automation of some roles. Within practice, typical pay increases are ranging from 4-8pc. Tax is seeing a resurgence as more companies are setting up in Ireland, some as a result of Brexit and others due to global expansion;
- Banking: The areas of investments, private banking and treasury have all seen salary increases over the last year by approximately 5-8pc, according to the survey;
- Fund services: salary levels have very marginally increased (1-3pc) across fund accounting and investor services;
- Compliance and risk: Salary increases in 2018-19 in compliance and risk were generally in the 10-15pc range, which is a strong increase. This trend is continuing, possibly even looking at increases of 12-15pc depending on current corporate level and sector;
- Salaries in the Irish legal sector have increased by approximately 5pc in the last year;
- There have been no significant increases in salaries across the insurance sector in the last 12 months and Brightwater does do not expect any change for 2020;
- There have been slight increases in salaries (1-3pc) across the digital marketing space;
- Retail salaries "have varied wildly" in the last two years depending on the level of the roles, with senior management salaries rising by at least 10pc across major retailers;
- Brightwater noted that engineering and construction has experienced a resurgence. In some areas, such as quantity surveying, salary increases could be as high as 10-12pc.
Sunday Indo Business