Salary demands soften in banking and construction
This is according to the latest salary survey from Premier Recruitment which also found that sectors such as accountancy and office support saw above-average wage growth this year.
Managing director of Premier Group’s Irish operations, Brian Murphy said: “Overall the Irish recruitment market has remained buoyant throughout 2007, despite talk of an economic downturn.
“Salaries have remained reasonably stable, although there has been upward pressure where candidate supply is particularly tight.
“We remain very confident in the buoyancy of the recruitment market for 2008, however there is a definite air of uncertainty that may impact the pace and volume of hiring decisions.”
Premier expects overall recruitment to slow in the first half of next year, but to pick up again in the second half.
“This should reflect improved interest rates and stamp duty changes as recently announced,” said Mr Murphy.
Premier also expects the trend to continue for companies within Dublin city centre to relocate or expand operations out of the city centre into suburban areas, where it said candidates seeking reduced commuting options are in good supply.
The increasing uncertainty in the financial markets has already started to impact on salary expectations in the financial sector, according to Mr Murphy.
According to the survey, a finance director in a company of between 100 to 500 employees can expect a salary of between €90,000 to €140,000 next year in Dublin and between €90,000 and €115,000 in Cork.
In the pharmaceutical and medical devices sectors, Premier predict continued growth, particularly in the high value-added sectors.
“The manufacturing sector is somewhat unpredictable. However, it is expected that the trend towards moving low-value production operations to lower cost countries will continue,” said Mr Murphy.
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