The financial services industry in Ireland employs approximately 40,000 people and has over 400 financial services companies with over one-third of those employed in companies based outside the greater Dublin area. Recent predications indicate that the industry has the potential to grow significantly and may well employ over 50,000 people by the end of 2020.
Thoughts on the Market
Brexit is proving to be one of the major catalysts for growth in the industry. Over the course of 2017, Ireland was endorsed as a destination of choice by a number of high profile financial services companies who announced that they intend to set up operations or expand their existing operations here in Ireland. These announcements have been warmly welcomed by the industry but are sure to bring with them many recruitment and retention challenges as demand for skilled professionals looks set to heat up even further.
Ireland is still the fastest growing economy in the Eurozone and is set to become the only remaining member of the EU with English as it’s primary language. It is a preferred destination for EU nationals who have English as their 2nd language. 11% of people employed in Ireland are from other EU countries compared to 5% in Germany and 2% in France. Being able to tap into the Eurozone with a population of over 503,000,000 and attract professionals to Ireland has proven to be both challenging and successful for financial services groups in Ireland sourcing talent within the area of risk, front office, investment management, client services and back office. In 2018 It will be critical to continue to attract talent to our shores in order to fuel the predicted growth in the industry.
The candidate demand increase in 2017 resulted in re-alignment of salaries upwards across many sections in the industry. Companies providing a wide selection of benefits to their employees are benefiting from better employee retention rates compared to those who are still offering minimal benefits as they play an integral part in a potential employee’s decision-making process.
Funds & Investment
Transfer agency and fund administration saw a little growth over the last 12 months. The landscape in Ireland has changed due to the number of mergers and acquisitions in this space. With many fund administration operations having been outsourced to lower cost economies, quite a number of operations in Ireland primarily provide an oversight function. Salaries have seen an increase on average of 5-12%. We should continue to see a demand for skills in this sector throughout 2018. Business analysis and project management will remain high. Product knowledge within UCITS or private equity will continue to be sought after.
Trustee saw gradual growth in 2017 with a shortage of expertise in the area driving up salaries by between 10-15%. Candidates with a strong operational background within fund accounting are now considered as a viable alternative up to supervisory level. Custody has also seen continued growth, while candidates with custody experience are seen as suitable employees for other operational functions (trade support/middle office) due to their transferable skillset.
The greatest single area of growth in the Irish market over the past year has been in the area of middle office and trade support operations, with a growth of 8% in employment within the area. Companies opening new operations in Ireland are viewed as employers of choice and as such able to keep salaries within current market rates.
While Dublin is traditionally known for its back and middle office operations, a number of investment managers, stockbrokers and proprietary trading houses expanded their front office functions in Ireland in 2017. Post-Brexit, many candidates in London are now very open to relocating to Ireland, in addition to candidates throughout Europe who wish to work in an English speaking economy within the EU. There is expected continued growth in this area with London becoming a prominent supply line of candidates for roles within portfolio management, trading and quantitative risk.
Banks based in Ireland have gone through radical changes over the last few years. While the main banks are now back in profit there still remains a lot of challenges ahead for this banking sector. Salaries increased in this area over the course of 2017 and permanent opportunities have been on the rise across banks and credit unions. There has been an increase in opportunities in the area of SME lending and demand for skilled APA and QFA professionals remains steady.
The Second Payment Services Directive (PSD2) will open up the world of banking and no doubt generate new ways to make payments. It is sure to herald further innovation and changes for this industry over the coming 12 months.
Compliance & Risk
The past few years have been a constant challenge for compliance & risk teams within financial services and by all accounts, 2018 will still be challenging. Whether preparing for Brexit, preparing for increased regulatory scrutiny, preparing for a clampdown on cryptocurrencies or preparing to reduce reputational risk – 2018 will no doubt bring new challenges for compliance & risk professionals across financial services and as such demand for their skills will remain high.
Salaries have not increased in any significant way over the last 12 months but due to competition for talent and retention counter-offer strategies, many employers seem more prepared to offer prospective employees the latter end of the market salary ranges for their positions.
Top Tip for 2018
In order to stay ahead of the competition for new career opportunities, it is important for candidates to invest in themselves through further education, to complement their existing skillset.
Posted by Niall Foster on 26 April 2018
Almost half of workers resent colleagues who are consistently late
Almost half of workers resent colleagues who are consistently late
A new survey conducted by Jobs.ie has found 46% of workers feel resentful of a colleague who is consistently late for work and 50% of respondents in senior management positions said that colleagues arriving late for work creates workplace animosity. Half of employees said that they would like to see flexible working hours, and a further 27% would opt to work from home. The employee punctuality study by Jobs.ie also found that the most common excuses for being late include Traffic (59%) Oversleeping (33%) Weather (26%) The survey also found that 20% admit to being dishonest when explaining why they were late for work. Just over 40% of employers are said to have a 'zero tolerance' policy for lateness in the workplace, enforcing punishments if employees fail to show up on time with one in four employers surveyed admitting they have fired an employee for consistent lateness. Among those surveyed on their employer's attitude to punctuality, 41% described being punctual for work as absolutely essential. Some 37% said there are no real consequences for being late, while 8% said there is a casual approach to punctuality and employees arrive when they wish, and 10% said that provided an individual gets through their work, nobody really notices what time they start work. Overall, 96% of all employees said that they always arrive to work on time, with over half of employees (59%) aiming to be in work at least 15 minutes ahead of their scheduled start time. But those who work nine to five prove to be the least punctual - with less than half (47%) arriving to work on time every day within the past 12 months. 71% of respondents who work early morning shifts and 71% of those who work night shifts were always on time in the past year. Jobs.ie general manager, Chris Paye, said: "It may come as a surprise to many people that Irish workers are actually a very punctual bunch and take great pride in being on time or even early for work. Given this context, it's inevitable that tensions can arise in the workplace if one colleague is consistently late without a valid excuse. One potential solution is moving towards greater workplace flexibility, particularly in relation to start and finish times and remote working facilities. However, this is not a universal solution and may not be effective in all organisations.
6 Qualities of a Great Recruiter
6 Qualities of a Great Recruiter
Being a recruiter isn’t for everyone but if you have these qualities, it could be the perfect role for you… Target Driven Recruitment is a competitive industry, so a recruiter needs to be driven and work well under pressure. As a recruiter, you will have weekly, monthly, quarterly and yearly targets to achieve. It’s a target driven career, so a person in recruitment needs to be motivated by targets and enjoy working to achieve long-term and short-term goals. Confidence Recruiters are often extroverts. A recruiter needs to network and interact with people on a daily basis, so it’s important that the recruiter is confident. It’s not only about being confident enough to network but to make others confident in you. It’s important that a recruiter shows confidence so that their client, candidates and their team is confident that they can deliver. Curious Someone who has an interest in digging for information and is naturally curious is an ideal recruiter. Being vigilant and eager to ask a lot of questions is the type of person who will find out everything they need to know and share the most up to date relevant information with candidates and clients. Curiosity killed the cat, but it made the recruiter. Superb Communication Skills A recruiter deals with people constantly so it’s important for them to be excellent at communication. Communication in every sense must be perfected by the recruiter and this means listening as well as talking and also written communication. There is administration work involved in recruitment so having good writing skills is very important. Marketing/Sales Skills In recruitment you will be selling the benefits of using your company to both jobseekers and employers. Sometimes you will even be seeking out new business by doing research on who’s recruiting and phoning around to talk to prospective clients. A recruiter needs to know how to market and promote the roles they are trying to fill for clients, as well as market their candidates to clients. If a recruiter has a handful of ideal candidates for a role and the client refuses to consider any of them, then the they probably aren’t suited to recruitment. A large part of recruitment is selling and if you don’t have negotiation skills or selling skills it’s probably not the job for you. Mentally Strong Recruitment comes with a lot of failure and I mean a lot! Sometimes you just miss out on your target, or your candidate pulls out of the process because they get another job or the role you were working on gets filled by someone else. Rejection is part of being a recruiter, but a great recruiter knows how to deal with it. We’re not saying in order to be a great recruiter you must accept failure and not react to it, but when things go wrong a great recruiter can deal with the disappointment and be equipped to self-motivate themselves to keep trying. Thinking about working in recruitment? Why not work at Sigmar? Contact email@example.com
The Medical Device Sector – Why you should consider a move to the West?
The Medical Device Sector – Why you should consider a move to the West?
As a whole the Medical Device Technology Industry is estimated to be worth somewhere between 173-193 billion euro and Ireland are the second biggest exporter of medical technology in Europe with giants like Boston Scientific and Medtronic employing 5200 and 4500 respectively in Ireland alone. The main area of expertise lies in Cardiovascular (Abbott, Medtronic and Boston) but there are plenty of Orthopaedic (J&J and DePuy) and Diagnostic (Beckman Coulter) MedTech companies too. The West of Ireland specifically has roughly 40% of the employment in the MedTech sector and 31% of that is stationed in Galway city and county. Eight of world’s top ten med tech companies are established here. The only downside…the companies in the West need more Engineers as their growth is surpassing the local development of graduates. So why not be part of the wave of new job opportunities washing over the West? Galway – the beating heart of the Medical Device Sector It’s a well-known fact that Dublin has overtaken London as the most expensive city to live in Europe. It’s also far to say that there is plenty on offer across the south in the biomedical engineering sector, but it is spread very far apart with one location not necessarily leading the way. It’s also no secret that multinational MedTech companies have identified Ireland as one of the best companies to develop their excellence, manufacturing and R&D operations. Don’t worry though as the Wild Atlantic West has plenty to offer and particularly in the MedTech hub, Galway. With the IDA developing Parkmore, Mervue and the other business parks and with most of the working professionals either directly or indirectly employed by a MedTech business, the future seems as bright for the West Coast of the emerald isle. Galway also has a thriving cultural scene, even winning the European Capital of Culture for 2020 where they aim to flood the city with cultural activities and tap into the deep history and sense of community. Galway has been named UNESCO city of film and awarded the European green leaf award as the most environmentally sustainable small city. Start-ups or Multinationals? The choice is yours! Whether you’re looking to get into an established company and to learn from the best in product excellence and R&D like Boston, Medtronic or Merit or have your heart set on getting into that niche start-up and making a life changing new product, thereby claiming your place in the Global Medtech Innovation. There is so much opportunity. A client of ours made waves after starting off in the engineering start-up program with NUIG by making ground breaking neurovascular devices and were recently acquired by J&J to help the Galway based site grow further with a global network of sister sites in America and Europe to help with manufacturing, compliance and product development. Similarly, another start-up called Novate was sold in a deal worth up to $150m due to their success in developing a blood filter. Also, with the likes of Capsos, Neosurgical and Veryan there is a large possibility, the amazing ability of the Irish and particularly Galway to innovate will continue strong, further adding to the vast opportunities for Engineers here in the West. Start-ups aren’t the only ones pushing the boundaries in Research and Development as Boston had 21 successful patent applications last year for their Galway site. They are also the largest medical device employer in Ireland and the Watchman implant has the MedTech sector very excited. Medtronic too have added the likes of Covidien life support products to their growing catalogue and founded their global site of excellence and development here in Galway for a reason, the continued success of the Galway talent pool to innovate and improve patients’ lives. Similarly, academic studies into MedTech are securing massive investment such as the Cúram research centre at NUI Galway (NUIG) which secured 22 million in funding from the EU. Finally, a key aspect which many of the MedTech companies here are involved in is Additive Manufacturing and the research of 3D Printed medical device solutions. Specialists in Polymers, Compliance/Regulatory Affairs and Manufacturing will have their choice of the lot when it comes to the jobs of the future. Innovation has been and will continue to be a massive part of the West’s success story in Medical Devices. Why the West? From Sea Sessions (outdoor music festival on the Atlantic coast which is not to be missed) in Donegal, Other Voices (an unmissable acoustic experience in Mayo) and the Galway International Arts Festival. The music scene has something to be seen and heard all year long. Galway has become renowned for attracting the music stars of the future, with no small mention to Ed Sheeran who busked and based a world-famous song on the city. If trad music is what your searching for, Sligo Live or one of the many traditional pubs will be sure to give you a great night out. Regarding food, the Galway farmers market has a baffling variety of Indian, German, traditional Irish and even more types of cuisine. Similarly, the likes of Kai (Awarded Michelin Bib), Cava, Dela, Ard Bia and the Galway Bay Brewery (Several best in Ireland beer awards) all have fantastic locally sourced food but as a whole Galway has been highlighted as the Gastronomic must visit city of Ireland. Sport-wise and activity wise, there are plenty of local sport clubs across the city and suburbs to join with the Medical Device companies offering sports and social clubs too. Also, Connacht have enjoyed plenty of success domestically and in internationally. The Sportsground is very centrally located and is always worth a visit. Croagh Patrick and Westport offers a decent challenge to mountain and hill climbers with spectacular views. As annual exports of medical devices valued at over 7 billion euros it would only make sense that investment has been made to further develop the infrastructure in the West of Ireland. With two airports, both seeing increased global services including regular flights to the UK and Germany from Knock and massive long-haul flights departing from Shannon as of late, the west is well serviced. Also, it is very well connected by road and rail to the other beautiful parts of Ireland. It’s hard to argue with how amazing the West of Ireland and how much further potential it has is. With a bright future in the medical device sector, come visit us or contact us directly for all of the details on the top jobs in MedTech here in the West of Ireland. Join us for our Engineering Open Day to find out what companies are hiring in the West of Ireland Date: Wed Nov 1st 2018 Venue: A The Crowne Plaza Hotel, Blanchardstown, Dublin. Time: 11am-7pm Book your place now
Five Ways To Impress Your Boss
Five Ways To Impress Your Boss
This may come as a shock, no one expects you to be perfect and know everything, even your boss! Sometimes you may feel like you’re not good enough and worry that you can’t impress your manager, but it is actually easier than you think and you’re probably doing some of these things already… 1. Dress to Impress Make sure your personal hygiene is impeccable. One of the worst office offences is bad body odour. Once you have your personal hygiene in check, dress smart. Dressing well will impress your superiors and your fellow colleagues. It will also give a little extra confidence while you do your day to day tasks. via GIPHY 2. Timekeeping Traffic, public transport, school runs, they can be a nightmare in the mornings and we’ve all been there, but it’s no excuse to be late for work constantly. Want to make a good impression? Be on time! Even if it means you have to leave earlier in the morning. If you want to impress your boss, you have to make real effort and show you are reliable. Bad time-keeping is a pet hate for managers. Remember: When you are late, show you understand that time-keeping and attendance matters and always inform your manager that you’re late. A quick text or phone call can really make all the difference. via GIPHY 3. Socialise If you want to impress at work, get involved in social events with your colleagues. It’s important for managers to see you gel with the rest of the staff and integrate with the culture of the business. If there isn’t a social scene in work why not try to organise something yourself? You could suggest after work drinks, a running club, a book club? Getting involved is impressive to a boss, but if you can organise your own social activity, that will definitely get your managers attention. via GIPHY 4. Share Ideas Don’t be afraid to tell your boss about ideas you have. Managers appreciate someone who takes their own initiative and wants to help improve things. It’s a great way for your boss to know you care about your role and the company and that you want to make it even better by putting your stamp on things. via GIPHY 5. Be Prepared Always be prepared to work. When you come in in the morning be ready to hit the ground running. When you attend meetings have all the relevant information and documents needed. Remember, you’ve been appointed this role and if your boss sees you struggling in it, it’s not going to impress him/her. Always being prepared and showing your boss you can manage your task will impress your boss and even increase your opportunity for a promotion. via GIPHY It’s always good to remember, not everyone is perfect, and your boss doesn’t expect you to be. Trying your best should always be enough to impress your boss. All a boss wants is an employee who’s working hard and is happy in the company and with the work they do.