Irish salaries set to rise by 2% in 2015, Mercer survey finds
Average wage could rise by up to €700 a year as economy continues to recover
The high-tech sector is forecasting the largest salary increase in 2015 at between 2.5 per cent and 3 per cent, according to a survey from Mercer.
Irish salaries are set to rise by 2 per cent in 2015, with employees in the high-tech sector benefiting the most from a recovering economy with salary increases of as much as 3 per cent forecast.
According to a survey from Mercer, some 92 per cent of employers are planning to implement pay increases in 2015, with an average pay rise of 2 per cent expected.
The high-tech sector is forecasting the largest salary increase in 2015 at between 2.5 per cent and 3 per cent, followed by financial services, which is expected to see growth of 2 per cent. Executives in the sector however are only expected to grow their salaries by 0.8 per cent.
Other key sectors that expect to increase salaries in 2015 include; consumer goods, life sciences and manufacturing, which are each forecasting increases of 2 per cent, in line with the market overall.
Employees working in the energy and services (non-financial) sectors are set to fare the worst, with an average increase of 1.5 per cent forecast.
Noel O’Connor, Mercer talent consultant, said that the report “very much reflects the positive sentiment and improving performance of the Irish economy.”
“Ireland has expanded its position as a hub for hi-yech businesses in recent years. The competition for talent in this high-growth, high-value sector, is demonstrated by the above average salary increases forecasted for high-tech in 2015.”
Meanwhile, Cpl’s Employment Market Monitor pointed to continued year-on-year jobs growth for the 11th quarter in sectors which largely represent the FDI sector (IT & telecoms; science, engineering & supply chain; sales, marketing & retail; and accountancy, finance & banking). But, the report also shows an apparent slow-down in jobs listed in the last quarter (Q3).
“This is the most pronounced slowdown in two years and possibly indicates a softening of labour market conditions coming into autumn,” the report says.
Nonetheless, employers were very optimistic for the coming 12 months with 80 per cent expecting to recruit and 53 per cent planning to expand their operations.