Improving jobs market to see pay rises of up to 10% in 2016
The continuing improvement in the Irish jobs market will see salary increases of up to 10% awarded this year for in-demand and skilled roles in the private sector. That’s among the main findings of a major salary survey published by one of the country’s leading recruitment consultancies.
The Noel Group which consists of seven specialist recruitment businesses across a diverse range of sectors conducted the survey in the first four months of this year by examining salary scales across approximately 2,500 roles advertised by their client companies.
With 97% of firms covered by the survey anticipating pay increases, the average increase in salaries is expected to be two per cent. However, increases of up to 10% are being seen where the position involved is specialised and in a particularly buoyant sector where skills are in short supply.
Mark Staunton, CEO, The Noel Group, said: “You get a clear sense of where the labour market is going in a business like ours and we saw an increase of 80% in the number of permanent jobs placed with us in 2015 compared with just a year earlier. Recruiting and retaining key people is a growing challenge for companies – particularly those in high-growth sectors – and that’s fuelling a war for talent which is reflected in the salary increases we’re seeing.
“There’s also an increasing focus on non-pay benefits and these are an area that companies can use to try and attract and keep the people their business needs. Here, we’re talking about everything from health insurance and pension contributions to performance bonuses of up to 25% and additional annual leave as increasingly mobile employees take a wider view of what they want from work. Smart employers recognise this and they too are looking more holistically at how they engage people and how they build and maintain an attractive place to work – something that obviously goes beyond salary levels.”
Mairead Fleming, Managing Director, Ascension Executive Recruitment who led the survey for The Noel Group added: “Coming out of several years of austerity and depressed incomes, there’s a natural eagerness among employees to begin to see an increase in their salaries. The availability of more job opportunities increases their bargaining power as people are less afraid to leave a job for a new role elsewhere. We saw a lot of movement among executives during 2015 and that is continuing this year as new opportunities open out for people with the right skills and experience.
“Another trend we are noticing is a growing gap between salaries in Dublin and the rest of the country as employers in the capital pay more. For example, a Project Accountant in Dublin could expect an annual salary of €65,000-90,000 which is €15,000-20,000 more than their counterpart working in the regions. Again, this reflects supply and demand but also the greater cost of living in the capital city and its hinterland.”
Sample survey findings include – Sales Manager: €50,000-80,000; Chief Marketing Officer: €90,000-180,000; HR Manager/Business Partner: €60,000-90,000; Internal auditor: €45,000-65,000; Payroll Manager: €45,000-65,000; Hotel General Manager: €85,000-120,000; Communications Manager: €60,000-70,000 and Head of Supply Chain: €100,000-140,000.
- Further information about The Noel Group Salary Survey 2016 as well as current vacancies at client companies is available at noelgroup.ie