The Morgan McKinley 2022 Irish Salary Guide anticipates that salaries will increase this year by 5-10% in certain sectors, rising up to a 15-20% increase for certain niche skills in demand.
Upward pressure on salaries has been driven by the reduction in mobility of international talent and the corresponding demand for individuals already in location.
To gain an understanding of current hiring realities, Morgan McKinley also surveyed key hiring decision-makers from 62 companies and 4,134 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, fine-tuning a better work-life balance and making deliberate choices as to where their careers are heading next.”
Technology advancements are not resulting in the displacement of jobs, rather they are creating more jobs as the drive for developing capability in AI, Robotics, Machine Learning requires human input. In 2022, the most in-demand positions for IT will be in Data Analytics, namely Data Analysts, Data Engineers and Data Scientists.
There is strong demand for DevOps talent also, with requirements for companies to flex on the experience level required to enable them to hire at the pace they wish to. Demand for Software engineers continues unabated with the core development languages .Net, Java and Python most in demand, while Ruby on Rails and PHP have somewhat of a resurgence on the market.
There has also been a growth in demand for cloud engineers, not specific to front or back end engineering, with full-stack engineers combining knowledge of cloud engineering proving most popular in today’s market.
The Irish pharma talent is at the coalface for opportunities resulting from emerging trends in Cell & Gene Therapy (CGT), Advanced Therapy Medicinal Products (ATMPs), novel vaccines, and medtech, as well as the opportunities for Ireland to retain its place as a global leader in biopharmaceutical manufacturing. Advanced Therapeutics represents the next opportunity for Ireland.
The best performing sectors presenting opportunities for engineering talent through 2022 continue to be data centres, pharma, energy, medical devices, automotive and food production.
There will be a number of opportunities for engineering talent to embrace as companies are fast re-developing their Environmental, Social and Corporate Governance (ESG) policies.
In an engineering context, these opportunities are best reflected in the growth in demand for sustainability engineers, primarily within the energy sector which provides the easiest way to get your foot in the door to working with a career in sustainability.
There has been an ongoing growth in demand for talent in this sector that is expected to continue into 2022 and beyond.
While Brexit may have been the catalyst for a number of ManCo’s and SuperManco’s setting up operations in Ireland, the rise of Irish management companies (Mancos) shows few signs of abating, with assets under management continuing to grow.
This, coupled with an expected increase in surveillance of these companies’ adherence to CP86 by the Central Bank of Ireland through 2022, is resulting in very high demand for Designated Person roles and other Pre-Approval Control Function (PCF) talent, particularly in areas of Risk and Compliance.
Accountancy & Finance
The future is bright for the careers of accountancy and finance professionals in Ireland across all levels in 2022. The areas of interest to candidates where there is a marked and continued growth are those that overlap with supply chain and logistics, and roles that are created as a result of the implementation of BEPS 2.0. Newly qualified talent in the Big 4 continues to be sought after.
In 2021 there was an increased demand for supply chain roles, for example roles like freight associate, this has continued into 2022.
The demand for these roles increased at the beginning of the Covid-19 pandemic when the logistics of lockdowns and foreign trade was an area of concern.
The overall demand settled as companies became used to operating during covid, but this demand has increased again in recent months.
The current talent shortage is partly a result of foreign workers who are unable to easily relocate as a result of Covid-19 restrictions.
Overall, the roles which have become most in demand are trade and compliance managers, logistics managers and other supply chain roles.
The full Survey results can be found here.
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