| Regionalisation: career and job opportunities |
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| FinanceJobs.ie in its monthly financial careers and jobs symposium examines regionalisation and the opportunities available to financial services professionals. |
The number of financial services firms opening regional offices to meet staffing demands has increased greatly in the last number of years. Recent ‘regionalisers’ include Northern Trust in Limerick and Apex & Citco in Cork. The importance of regionalisation to the competitiveness of the financial services sector can be highlighted as skills shortages and costs of running offices in Dublin are continually identified by industry thought leaders as a major threat to the future of financial services in Ireland.
What developments do you expect outside of Dublin in Ireland in financial services that will provide opportunities for Irish financial services professionals?
David Hannon, manager at Deloitte Executive Search and Selection: ‘All reports suggest that back office jobs are most likely to be the focus of future jobs growth for International Investment firms outside of Dublin. Professionals in the accounting, legal and regulatory fields should find plenty of opportunities in the regions in these areas.’
Barbara Donnellan, manager of Financial Services at Eden Recruitment: ‘Tried and tested scenario carried out by other companies should encourage more companies to follow suit. As these companies create more employment in the decentralised regions, infrastructure, local amenities should improve, confidence in building up these regions should increase as the benefits will be seen.’
Caroline Fitzsimons, executive search consultant with Dalriada Executive Search and Selection: ‘These towns have a wealth of experienced people who are crying out to work locally without having to drop their income dramatically.’
Carmel Holmes, financial services manager in Cork for Premier Recruitment: ‘With the changes in Corporation tax in Ireland a lot of the larger financial services companies are establishing outside of Dublin. Also many multi-nationals are expanding their treasury units which were traditionally worked through Dublin.’
How big a role do you believe regionalisation will play in solving the skills shortage for Dublin-based IFS companies?
David Hannon, manager at Deloitte Executive Search and Selection: ‘ As a solution to keeping jobs within the Financial Services Industry it is significant move in the right direction. A strong regional based financial services sector offering rewarding careers will ensure the growth of the sector in Ireland and continue to attract new blood to the industry.’
Carmel Holmes, financial services manager in Cork for Premier Recruitment: ‘Many candidates look at moving to Cork, Limerick and Waterford for lifestyle reasons and as such many of the financial services companies are able to retain their staff easier as there are fewer companies to move too.’
Barbara Donnellan, manager of Financial Services at Eden Recruitment: ‘It can certainly help and make sense for companies who can operate outside of Dublin, who can pool from the labour market nationwide. To date it has been a proved success for some Dublin-based IFS companies and has played a significant part to combat the growing difficulty in re-sourcing for certain sectors such as the Funds Industry. While also it is meeting a growing trend, in that highly skilled individuals are relocating outside of Dublin.’
Caroline Hogan, executive banking consultant in Dublin for Premier Recruitment: ‘On the corporate banking side it is essential for corporate banks to have a presence in the regions allowing their clients to have easy access to the banks services and relationship managers can build strong relationships with clients, understanding their business sector and market.’
Caroline Fitzsimons, executive search consultant with Dalriada Executive Search and Selection: ‘Although regionalisation is excellent and is providing great employment for many towns around the country, I don’t believe it will solve the skills shortage in the Dublin FS market. The majority of companies that have set up around the country are Fund Services companies. The number of funds that are being created continuously and require administration in Ireland increases monthly.’
Are there significant opportunities for professionals outside of Dublin or are job opportunities limited to certain sectors such as fund administration?
Caroline Fitzsimons, executive search consultant with Dalriada Executive Search and Selection: ‘From what I have seen most of the companies setting up are in the funds area. Positions in funds include fund accountants, transfer agents, accountants, compliance, trust and administration. Other than funds there are quite a few opportunities in retail and business banking.’
Barbara Donnellan, manager of Financial Services at Eden Recruitment: ‘There is growing opportunities in other industries such as accountancy practice, insurance, customer service, sales and business development.’
Carmel Holmes, financial services manager in Cork for Premier Recruitment: ‘There are multiple positions for professionals outside of Dublin, particularly within the accountancy field where many multi-nationals are expanding their shared services departments in Ireland.
David Hannon, manager at Deloitte Executive Search and Selection: ‘While the majority of companies setting up operations regionally are fund administration firms they do offer variety within their back office. Professionals in the Accounting, Legal and Regulatory fields will find companies offering rewarding careers in these fields.’
Do you see Northern Ireland playing a significant role in an all island financial services industry?
Barbara Donnellan, manager of Financial Services at Eden Recruitment: ‘I do believe Northern Ireland has huge potential in expanding our financial service industry, having a highly skilled work pool, infrastructure and close proximity to Dublin and the UK. It is a growing new economy, offering a high standard of living for its work force and cost efficient base for companies.’
Caroline Fitzsimons, executive search consultant with Dalriada Executive Search and Selection: ‘There are many talented well educated people from Northern Ireland who could be a huge asset to any financial services company that located there. Also there are many people living in the border counties who currently work in Dublin but could easily commute to Belfast instead.’
David Hannon, manager at Deloitte Executive Search and Selection: ‘Given the Republic’s better corporation tax regime I think Southern Ireland will continue to be a better option for International firms for the foreseeable future.’
Kate Thomas, banking and finance manager in Dublin for Premier Recruitment: ‘This has been a topic of conversation for many years within Financial Services, and it is encouraging to see strong players choosing Northern Ireland as a location of choice.’
Are any differences between Dublin and the regions in terms of salary negated by an inverse cost of living difference?
David Hannon, manager at Deloitte Executive Search and Selection: ‘Average salaries can be 10-25 per cent lower outside Dublin, but cost of living plus price of houses suggest opting to take employment in certain regions makes more financial sense. It should be noted that certain IFSC firms have maintained their salary grades regardless of location.’
Barbara Donnellan, manager of Financial Services at Eden Recruitment: ‘We have noticed some difference in salaries, on average the difference can be from 8–15 per cent between salaries in Dublin and similar roles nationwide.’
Carmel Holmes, financial services manager in Cork for Premier Recruitment: ‘Overall candidates will take an average of a 10 - 15 per cent drop in salary when they relocate outside of Dublin, again cost of living is perceived to be cheaper outside of the capital.’
Caroline Fitzsimons, executive search consultant with Dalriada Executive Search and Selection: ‘We find that salary is usually the same or close to what candidates receive in the Dublin market. Companies don’t discriminate candidates for working in their regional offices especially in the funds area. This is often what attracts the talent to the regions. Sometimes however Dublin FS companies will give a ‘Dublin Living Allowance’ allowance as a benefit as they recognise the huge costs involved in living here.’ |
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| Article appeared in the April 2008 issue.
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