Professionals in Dublin recieve more than any other Irish region, Morgan McKinley report finds
Compiled by Morgan McKinley’s from a sample of over 25,000 placements made across 15,000 employers, it analyses a wide range of job titles broken down by location and experience levels. Uniquely, the Guide includes an examination of employee benefits (such as pensions, health insurance, annual leave) in tandem with current salary offerings across a wide range of professional disciplines.
See guide here
Speaking at the launch of the 2014 Salary & Benefits Guide, Director of Inward Investment at Morgan McKinley Ireland, Trayc Keevans said:
“Ireland’s most comprehensive study into salaries and benefits shows that, for many professionals, Ireland has rebounded strongly.
"As the demand for top talent remains competitive, we have seen an increase in the number of employers seeking to benchmark their benefits offering to ensure it is competitive in attracting and retaining the best professional talent. In response to this, we chose to include an overview of benefits offered for management and non-management professionals in this year’s Salary Guide.
“The analysis shows that the life sciences and financial services employers continue to offer the most attractive total benefits offering to professionals. Interestingly, the Salary & Benefits Guide found that, for some professions, there was a large salary differential based on location.
Salary differentials noted for Dublin and regions
“The guide looked at ranges in Dublin and across three regional locations: Cork, Limerick and Waterford. It found that professional salaries in Dublin are, on average, between 8% and 15% higher than in the regions
“However, the degree of difference in pay is significantly less across the most in demand positions such as software development, engineering, supply chain and human resources.
“For sectors such as accountancy & finance and financial services, there is a notable differential in salary ranges offered in Dublin than in areas like Waterford and Limerick:
· Financial Accountant: 17% salary differential between Dublin and the regions (Waterford and Limerick)
· Mortgage Arrears Underwriter (in Financial Services): 18% salary differential between Dublin and Cork.
· User Experience (UX) Consultant:Pay in Dublin is only 5%. higher
· Design Engineer– 11% salary differential between Dublin and Waterford & Limerick with only a 5% differential between Dublin and Cork.
“The four professions noted above also see a rapid increase in salary as someone climbs the career ladder, no matter where they based. A User Experience (UX) Consultant in Dublin can expect to receive between &euro23,000 and &euro42,000 per annum in the first three years of his career and this is similar to Waterford where the same job earns between &euro22,000 and &euro38,000. Impressively, after over five years, the same developer can expect to earn between &euro65,000 and &euro80,000.
Note: See table at end for full list of salary ranges in the areas outlined above
“Analysis of employee benefits across each sector highlighted significant differences in benefit packages on offer. In relation to pensions, financial services offer the highest employer contribution at 15% with the average employer contribution across all sectors at 10%.
“In terms of annual leave, the accountancy and finance sector reward their employees with the highest number of annual leave days, at a maximum of 27 days per year whereas the average across all other sectors is 20 to 23 days per year. In relation to bonus offerings, supply chain professionals receive the highest percentage bonus of basic salary at management level of up to 50%. The average bonus offering across the majority of other sectors is 5-10%.
Top 3 jobs
“The guide also features a list of the top three most in-demand positions per discipline. The research indicated that in the banking & financial services sector the top three most in-demand positions are Auditor, Compliance Officer and Quantitative Analyst, while in the science sector, the top three most in-demand positions are Regulatory Affairs Specialist, Audit & Compliance Manager and QC Analyst.
Forecast for the future
“We are experiencing the emergence of a strong demand for skilled professionals in more recent emerging disciplines such as digital marketing, research & development (life sciences) and data analytics. We anticipate that salaries for professionals with the requisite skills for these areas may rise in 2014 as the demand will exceed supply in the short to medium term.
“It is also encouraging to see a return to hiring in the SME sector, the most significant uplift in five years and a strong indicator of a return to confidence in the economy post bail-out exit. “