Skills shortage drives Irish salaries up almost 4% in past year

Irish salaries have increased by an average of 3.9 per cent over the past year as a skills shortage has forced employers to pay more to attract talent, according to a study by a recruitment company.

The CPL Resources' 2019 Salary Guide, published on Monday, showed there have been year-on-year wage increases for the past five years.

However, the role of actuary continues to be an area of skills shortage across Europe with companies sourcing talent from abroad or using contractors to bridge gaps.

There is also a growing demand for compliance knowledge and expertise with an increased need for compliance across all sectors.

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CPL said Brexit was playing a role in this with a number of international investment and asset managers setting up entities in Dublin.

In terms of other roles, chief marketing officers are highly sought after as companies continue to go through major digital transformation programmes. CPL said employers were working hard to retain this talent through stronger incentive packages.

Salaries are on an upward trend within the construction sector across all role types. CPL said project director roles were highly sought after.

Pharmaceutical industry

In science, the most in-demand candidates are less senior and at specialist level with three to five years’ experience.

Many science candidates are seeking to move into the pharmaceutical industry where salaries are typically higher and career development opportunities are plentiful.

Salaries for younger roles are also rising. Candidates with only one-year experience in human resources are typically demanding €30,000 and above.

In 2017 entry level/graduate candidates were willing to consider salaries from low to mid-20s to gain experience. CPL said this was no longer possible with increased living costs forcing graduates to ask for more.

‘Buoyant’

"The employment market is currently very buoyant," said CPL senior director Rob Daly. "In our most recent employment market monitor, our survey showed that two-thirds of employees don't believe they are being paid enough. Further, we are seeing that Brexit is causing market uncertainty, making the contract position market stronger."

Certain key roles are “continually difficult to fill” with CPL appealing to Irish nationals to return from abroad, particularly from the UK, Australia and Canada.