"Employers are increasingly aware that all things being equal, it is not an increased salary alone that will secure them the best talent on the market place."
The Morgan McKinley 2015 Salary & Benefits Guide was released today. It was compiled with the support of data gathered by their Inward Investment team after analysing a sample of more than 30,000 professionals placed in 2014 in Ireland. Additionally trends, market intelligence and market sentiment were obtained from a large cross section of employers. The survey analyses a wide range of job titles broken down by location and experience levels. The guide examines hiring, remuneration and benefits package trends for 2014 across Accountancy & Finance, Banking & Financial Services, IT, Tax, Practice, Legal, Supply Chain, HR, Engineering, Multilingual, Science and Sales & Marketing.
Is it all about Salary?
The indications are it’s not all about the salary, basic salary that is. Achieving the optimum Employer Value Proposition (EVP) is increasingly becoming the target strategy to attract and retain the best available talent in what is becoming an increasingly competitive market-place. Professionals are telling us they want career development opportunities, training, flexible working conditions and exposure to interesting projects in tandem with an attractive total compensation offering to retain their loyalty to their current employer.
Skills Shortages – Information Security professionals will be the most in demand skill-set for ICT professionals in 2015. The deficit in cyber security skills has been reported globally since 2013 and we expect it to become more pronounced this year as the advent of recent cyber attacks and data breaches in the US raises awareness of the impact of companies ‘not being ready or informed’.
Learning and Development functions are fast becoming one of the most important elements in a company’s strategy to retain their best talent in the wake of anticipated salary increases and movement in the market.
Foreign Direct Investment is expected, in spite of an increasingly competitive landscape, to sustain its’ success of a record year in 2014 which saw 15,012 new jobs and 174,488 professionals employed in their client firms. The focus in 2015 will be to start bringing the regional employment for new jobs created from 30% to 50% over a five year period
Benchmarking Activity has become more widespread in the employer community as Total Rewards and Benefit Plans are re-evaluated to reflect changes and movements that are happening in the market-place and ensure that companies remain competitive.
Revival of most adversely affected sectors with property, construction and conveyancing sectors leading the way and having a knock-on positive effect on growth within the mid-tier and small legal firms. New business is the focus of the banks who are turning their efforts to growth rather than stabilisation for the first time since 2007.
Multilingual skills are driving multinational growth as we see an increase in the number of native languages spoken here and companies responding by expanding the remit of markets serviced from EMEA to global.
Biggest growth sectors/functions for 2015 include Aircraft Leasing, Data Analytics, Risk Management, Regulatory Reporting, Digital Acquisition and Relationship Management. We expect to see a continuing trend of hybrid professionals with a core qualification in one discipline combined with a complimentary skill-set e.g. Sales Specialists and Product Development Specialists in Financial Services, HR professionals with ERP implementation expertise, Engineers with Sales skills etc.
For More Information
For more information on the Morgan McKinley 2015 Salary & Benefits Guide visit the Morgan McKinley Website.