Salaries for newly hired professionals stabilise

SALARY levels for newly recruited professionals stabilised last year, with some niche positions experiencing increases of 20%, according to the Annual Salary Guide compiled by recruitment experts, Hays.

This study examined salaries and terms and conditions across a range of 934 positions in seven key sectors including accounting and finance, IT, banking and financial services. Nearly all sectors saw salaries level out after dropping by as much as 30% in 2009.

“It’s great to not only see salary rates a lot steadier this year, but increases starting to emerge. This is generally being reflected in the level of hiring going on as well,” said Richard Eardley, managing director of Hays in Ireland.

He said the shift in sentiment was “due in no small part” to the presence of multinationals in the Irish economy: “They are currently maintaining the economy and the good news is that we continue to attract investment so there is demand across a wide range of disciplines.”

The survey found accountancy candidates with more than one language, specifically German, Dutch, French, Spanish, Italian and Nordic languages are attracting starting salaries which are as much as 15% over 2009.

The Hays survey found an accounts receivable specialist in Cork with no experience but having a 2nd language can command a salary of €26,000 versus €24,000 without a language.

This comes in the wake of a year in which salary levels for most finance professionals decreased.

The good news for the sector across the board “is that general salary levels have now stabilised.”

IT proved to be the most robust sector in the economy last year with new organisations choosing Ireland as their European headquarters with existing companies also expanding within Ireland.

While the banking industry has experienced job losses and pay and bonus freezes, the funds industry saw a second half resurgence with most fund operations recruiting staff again.