| Market conditions remain stable |
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| Recruitment still robust in financial services. |
Staff in the international financial services sector have little to fear from the economic downturn which is causing lay offs in other sectors of Ireland’s industry. Finance conducted a survey among Dublin’s recruitment agencies to assess what impact the current economic situation is having on the jobs’ market in financial services and received a very positive response.
While some financial services in Ireland may be affected, such as those at the retail end of the market, businesses in the IFSC and others not dealing in the retail market do not anticipate a cut back in staffing levels. The kinds of business they are involved in require the levels of staffing they currently have, and some institutions are working on new projects that may require additional staff.
Responses to the survey show it is a tighter employment market now than twelve months ago but it has turned around to become employer driven. Candidates have changed their requirements, with job security now being a much higher priority for them. There are no longer the number of jobs available for people to be able to easily change employment just for a raise in salary.
The recruitment agencies surveyed said one of the most potent recruitment features now is flexibility. Employees are seeking flexible hours to overcome the rigours of travelling in Dublin’s rush hours and to help with childcare for two parent working families. Flexible benefits packages are also attractive. These enable the employee to choose how a fixed sum should be spent on features such as healthcare, pensions, paid for holidays or subsidised accommodation.
The survey put average salary increases over the past year at around ten percent, but agencies believe the average increase for this year will drop to around 7.7 percent. They said higher increases occurred more at junior level than at management level.
Basic salaries still rank high on the list of factors that attract foreign workers to Ireland, but the cost of living and the top marginal income tax rate are also felt to be important. Other relevant factors considered important are corporate culture, availability of affordable accommodation and transportation. |
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| Article appeared in the September 2001 issue.
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