The Morgan McKinley 2022 Irish Salary Guide - a comprehensive analysis of pay across a range of professions and sectors, anticipates that salary increases this year are likely to be in the region of 5-10% in certain sectors, rising up to a 15-20% increase for certain niche skills in demand. The annual salary guide published this week also provides an average outline of anticipated remuneration by sector.
The guide states: "Upward pressure on salaries has been driven by the reduction in mobility of international talent and the corresponding demand for individuals already in location. We would expect normal inflationary figures (2-5% ) to come back into play in a post pandemic world as countries open up and the flow of external candidates into Ireland takes pressure out of an overheated employment market.
"To gain an understanding of current hiring realities, Morgan McKinley also surveyed key hiring decision makers from 62 companies and 4,134 professionals across a range of industries. People were surveyed across Ireland, Australia, Hong Kong, Singapore, China, Japan, Canada, and the United Kingdom. Key statistics and insights from the survey are included below."
Irish owned Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.
Trayc Keevans, Global FDI Director, Morgan McKinley Ireland, said: "We’re currently seeing the most demanding employment markets of our time. The Great Resignation of the past year appears to be still in full swing.
"The experience of the sustained public health emergency has prompted countless workers to re-evaluate their work options, fine-tuning a better work-life balance and making deliberate choices as to where their careers are heading next. They’re looking for opportunities that give them the right pay, benefits, and work arrangements in the longer term. New opportunities opened up by remote work means workers can now access roles that previously were geographically off-limits.
"As a result, there is a constant misalignment between the supply and demand for employees in the market. We’re experiencing the return of counter offers because there is a strong demand to fill roles.
"For some organisations, the Great Resignation is an unparalleled threat, creating organisational challenges around skillsets and resources, and affecting everything from quality of work and time-to-completion to bottom-line revenue. For others, it’s a golden opportunity to secure accomplished talent that will add value for years to come.
"Consequently, organisations are under incredible pressure to adapt their leadership, management, and work practices. As a means of attracting talent, many employers are either adjusting their working models to hybrid or fully remote or offering higher wages in response.
"Other additional supports take the form of paid relocation assistance, offering transparent career paths, strong learning and development plans to support their progression, and flexibility in where talent can work from, including an openness to facilitating people working from their native country. Most importantly companies need to consider the building of a company culture that fosters inclusion and connection, where hybrid or remote working is part of their way of working."
