Industry & Commerce
The strength of the Irish economy has so far withstood the lingering threat of Brexit along with other potential external fears. This has afforded businesses within the industry the opportunity to grow and expand, creating jobs within the sector. We have seen vacancies at all levels being created, with the most significant increase appearing in the €50-60k bracket. Following the trend of 2018, multinational companies have continued to fuel the increase in salaries as competition for talent intensifies. The tech industry has also contributed to growth within the industry as multinational tech firms continue to expand, particularly in Dublin. We expect the accounting industry to continue to expand into 2019 as the Irish economy maintains its steady year on year growth.
Salaries
For the foreseeable future, accountancy salaries will continue to steadily rise within all industry sectors following the trend of 2018. With most sub sectors benefiting from the growing economy, supply and demand issues will influence salaries at all levels with mid-level positions experiencing the highest rate of inflation.
Furthermore, growing economies overseas has increased the demand for talent by creating more jobs attracting potential candidates abroad. This has contributed to the steady rise of salaries at all levels.
Financial Services
The Irish economy has played a part; however, it is BREXIT that has played the most significant role in job creation over the past 12 months with several large financial services companies growing their presence in Ireland, particularly within their regulatory and treasury teams.
Whilst many of the domestic banks and established financial services companies in Ireland have not significantly grown in 2018, the confidence in the jobs market has resulted in opportunities in these institutions as a higher degree of staff turnover has transpired.
Salaries
Salaries in the financial services sector have risen over the past 12 months with the increased competition for talent coming mainly from the new jobs being created by BREXIT. The most notable increases have been in the mid and upper mid-levels (€50-75k).
It is anticipated that salaries will continue to rise in 2019 as the additional accountancy jobs that have been introduced create ‘churn’ in the market and supply and demand factors play a role in ensuring that salary growth is a reality.
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Posted by Sam Breckon on 19 May 2019
