Ireland is facing an undersupply of skilled and experienced candidates in the financial services sector and competition to attract talent is expected to be intense this year, according to Matrix Recruitment.
The recruitment firm, which published its Salary Guide for 2022, saw a 52% increase in jobs in accounting and finance in the first half of 2021 (v the same period in 2020) and anticipates further demand as we move through the year.
Speaking about the employment outlook for 2022, MD of Matrix Recruitment, Kieran McKeown said: “The jobs market has grown significantly in the past year and while things can change quickly, largely driven by the pandemic, all indicators are that the recruitment market will remain dynamic throughout 2022.
“With many sectors struggling to fill job vacancies, it’s very much a candidates’ market right now. We know from our research that 43% of workers in Ireland are not happy in their jobs, so there has never been a better time to consider a new job or indeed, a new career.
We are hearing a lot about ‘the Great Resignation’ with many people leaving their jobs in response to the Covid-19 pandemic, having rethought their career goals and this is a trend we see continuing into next year,” said Kieran McKeown of Matrix, which produces an annual Salary Guide that reviews salaries for the current year, while forecasting trends for the coming year.
Modest Growth in Salaries in Financial Services, Accountancy & IT Sectors
While salaries for many financial roles are not expected to jump during 2022, certain areas can expect to see modest growth, especially in the capital. A senior/lead fund accountant (private equity), for example, can expect to command a salary of €45k – €58k (up 5% on 2021 figures).
In the regions, those working in the insurance sector may also see incremental increases in wages. Maximum salaries for claims managers will increase by 7% during 2022, from €65,000 a year to €70,000. However, salaries for a personal lines administrator working in the regions could increase by as much as 20%, according to the 2022 Matrix Recruitment Salary Guide.
The recruitment agency is also predicting double-digit growth in tech spending by financial services companies. In fact, investment in tech is expected across the board and with many businesses going digital, programming candidates are in demand, particularly those who are adept at the latest versions of JavaScript and other programming resources.
Remote work is also driving this demand as businesses seek out agile IT talent that can provide quick response remote desktop support. This demand has caused an increase in salaries for IT support roles across the country.
This isn’t the only way that remote work is influencing salaries and the recruitment firm has seen a rise in salaries for roles outside the greater Dublin area. “Rising property prices, rents and the continuation of government advice to work from home is seeing many people leave Dublin and relocate to the countryside.
This means that there is a widening of the talent pool in the Midlands, West and South and we are seeing marginal increases on salaries in these areas, particularly for roles in IT, engineering and accountancy,” said Kieran McKeown.
Pharmaceuticals, Public Sector & Healthcare
It will come as no surprise to learn that pharmaceuticals, medical devices and public sector roles were in high demand in 2021, topping Matrix Recruitment’s jobs database, followed closely by roles in healthcare.
Last year, there was significant growth in the pharmaceutical sector mainly due to company expansions, investments, and the ever-evolving COVID-19 vaccine journey. For 2022, Matrix Recruitment predicts a rise in cross-industry and cross-enterprise collaboration in areas such as research and development. This will result in candidates having to be open to contract work in the months ahead as they may be required to work on projects continuously.
Salaries will mainly be in keeping with 2021 sala...