Financial services jobs filling fast as salaries rise

JOBS in Dublin’s financial services sector are filling at their fastest rate in five years, as salaries increase by more than 10% in just one month.

Latest research from financial services recruitment and HR services firm, The Blomfield Group, said it now takes 12 weeks to fill a vacancy, from date of advertising to the date of the employee starting.

This compares with 18.4 weeks in March 2003, 13 weeks in March 2001 and 14.2 weeks a year ago.

Permanent salaries are following a strong upward trend in Dublin, according to the research, more so than in London Edinburgh or Glasgow.

In Dublin, they have risen from €33,310 in February this year to €36,692 in March, an increase of 10.2%.

In the London market average salaries have risen by 3.5% over the month to €52,664 (£36,146), while in Scotland the increase is of 6.5%, to €31,585 (£21,678).

Keith Robinson of the Blomfield Group said: “We are even seeing competitive pressure at the graduate/analyst/associate level, with candidates so in demand they are being very discerning in their choice of employer.

“Good candidates are now receiving three or four very attractive offers with a variety of financial inducements to incentive them to join. Employers are being forced to re-asses both the number of entry level hires but also the criteria for selection.”

According to the research, jobs advertised in February and March were around the 1,700 level, below January’s peak of 2,600 but significantly up on the figures at the end of last year.

Managing director of Blomfied’s Dublin office, Paul Cotter, said: “Jobs are now filling significantly more quickly than they were one, three or five years ago, reflecting the new surge of confidence in the market.

“Over the past couple of years market conditions in Dublin have been fairly buoyant, after a bit of a slowdown in 2003.

He said that there has been a lot of hiring activity on the part of firms in the Irish Financial Services Centre recently.

Meanwhile, the financial services jobs markets in London, Edinburgh and Glasgow are seeing a similar trend. In Scotland, it is taking on average 9.7 weeks to fill a job, compared with 14.3 weeks in 2001. In London it takes just 8.6 weeks, compared with 15.6 weeks two years ago.