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 next year, according to Matrix Recruitment.
The recruitment firm, which published its Salary Guide for 2022, saw a 52 percent 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 into next year.
Modest growth in salaries in financial services, accountancy and IT sectors
While salaries for many financial roles are not expected to jump in 2022, certain areas can expect to see modest growth, especially in the capital. For 2022, senior/lead fund accountant (private equity ), for example, can expect to command a salary of €45k – €58k.
In the regions, those working in the insurance sector will also see incremental increases in wages. Maximum salaries for claims managers will increase by seven percent in 2022, from €65,000 a year to €70,000. Meanwhile, the maximum salary for a personal lines administrator working in the regions could increase by as much as 20 percent, 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.
Pharmaceuticals, public sector and healthcare
It will come as no surprise to learn that pharmaceuticals, medical devices and public sector roles were in high demand this year, topping Matrix Recruitment’s jobs database, followed closely by roles in healthcare.
Throughout 2021, there was significant growth in the pharmaceutical sector mainly due to company expansions, investments, and the ever-evolving COVID-19 vaccine journey. In the year ahead, 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 year ahead as they may be required to work on projects continuously.
Salaries will mainly be in keeping with 2021 salary predictions, but there might be some deviation, particularly for roles in quality.
Manufacturing, food services and supply chain
There is a global boom underway in the manufacturing industry, which is driving growth in jobs right across Ireland. Demand for skilled workers is at an all-time high and the opportunities in manufacturing have never been greater. With demand for skilled candidates in manufacturing on the rise, Matrix Recruitment is seeing a corresponding rise in remuneration packages. For example, salaries at the upper end of the scale for plant managers in the Midlands, West and South of the country are expected to increase by as much as €30,000 next year. In the greater Dublin area, candidates could earn up to €40,000 more, according to Matrix Recruitment’s Salary Guide.
Supply chains remain under severe pressure due to Brexit-related customs checks, transport delays and raw materials shortages, meaning roles in this sector are more important than ever. However, Matrix does not expect companies to invest in talent next year and salaries will remain in keeping with 2021. Instead, Matrix Recruitment predicts that companies will invest in advanced software such as data analytics, ERP, inventory management, CRM, and accounting software in a bid to keep up with customer expectations and demand.
According to the European Commission, the Irish economy will grow by 5.1 percent in 2022. In the past, the Irish foodservice industry has mirrored this growth as disposable income increases. Over the past year, however, this mirroring has been disrupted by the pandemic. As we move into a new year, Matrix Recruitment is tentatively predicting growth for the sector. However, due to the lack of job security in the foodservices industry over the past two years, employers are finding it difficult to fill current job vacancies and this is expected to remain a challenge next year.
