Salary Guide 2024: Foreward
"Forecasting salaries for 2024 is undoubtedly the most difficult one we have ever had to do. Normally most of the general indicators are consistent but many are now contradicting each other. In Ireland in 2023 we have never had as many people employed, unemployment is low, but vacancies are down circa 30% year on year and job seekers are more proactive.
The difficulty in predicting is further complicated by the volatility internationally, high inflation and the continued rebalancing in workplaces as new Post Covid norms continue to emerge. I haven’t even mentioned the impact of Artificial Intelligence or the lack of housing available.
The latter’s impact on the supply of candidates is hard to measure but in Sigmar in 2023 we saw more candidates than ever not able to take up a job due to lack of suitable accommodation. It was up 60% year on year.
As you read through our guide, you will see that salaries in different Labour Market sectors are not following the norms of the last 10 years. It is worth noting that some professions which were hard to recruit for have become much easier and that other sectors where salary inflation was high have now plateaued as more candidates are available. There are also some surprises in here of roles where we see significant salary growth based on demand. We have all the information here.
We do see inflation causing worker led increases in salaries, many have suffered real wage loss in 2023 and they will be looking for increases to fix this. The increase in the minimum wage from January will inflate salaries. The knock-on impact will inflate salaries at more junior levels.
Salary forecasting for 2024 is one of the most challenging due to economic uncertainty and international volatility. Inflation and minimum wage increases are driving up salaries, while some professions are becoming easier to recruit for. Businesses need certainty to reward staff and hire more."
Frank Farrelly, CEO
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