Salaries are expected to rise in certain sectors over the coming year, as four in five people are considering a career move, according to a comprehensive study of professionals.
The Morgan McKinley 2022 Irish Salary Guide, which covers a range of professions and sectors in Ireland, anticipates that salary increases this year are likely to be in the region of 5-10% in certain sectors, rising up to 15-20% increase for certain niche skills in demand.
It's believed the upward trend in salaries has been partly driven by a reduction in the availability of overseas talent to roles, and a corresponding demand for people already situated here. Morgan McKinley expects normal inflationary figures (2-5%) to come back into play in a post pandemic world, as international candidates return and take the pressure off the Irish market.
Morgan McKinley also surveyed key hiring decision makers from 62 companies and over 4,000 professionals across a range of industries. People were surveyed across Ireland, Australia, Hong Kong, Singapore, China, Japan, Canada, and the United Kingdom.
Trayc Keevans, Global FDI Director, Morgan McKinley Ireland, said:
We’re currently seeing the most demanding employment markets of our time. The Great Resignation of the past year appears to be still in full swing. The experience of the sustained public health emergency has prompted countless workers to re-evaluate their work options..they’re looking for opportunities that give them the right pay, benefits, and work arrangements in the longer term.
The sectors with the most demand for new talent are said to be in the areas of technology and IT, science and pharma, engineering, financial services, accountancy and finance, supply chain, legal, marketing, HR, and office support.
Key survey takeaways
- More than four in five (82%) of people are considering a career move in the next year.
- Increase in salary was the main reason people would join a new company.
- Existing salary is the main reason people would leave a current job.
- Most people feel 2 - 4 weeks is the optimum length of a hiring process.
- Over half of people have declined a job offer because the hiring process was too long.
- Over two thirds of people said their organisation offers flexible working.
- Just under 1 in 3 people (29%) have the option to work from home, with 1 in 5 having mandatory office days.
- Three in four people would consider leaving a job due to lack of flexible working hours.
- 40% say their organisation is offering flexible and remote working to retain talent.
About Morgan McKinley
Irish owned Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.
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