Salary increases expected in areas like financial services, supply chain and manufacturing. Offering attractive benefits beyond financial incentives will be key for 2024.
Salaries in Ireland will remain high in 2024, according to Matrix Recruitment.
The recruitment agency, which published its Salary Guide for 2024, found that salary bands are expected to remain steady in the twelve months ahead, while difficult to fill roles will see modest salary adjustments in a bid to attract and retain top talent.
“If employers want to secure the best talent available, they’re going to have to offer attractive benefits to make it happen”
“Looking forward to 2024, employees will be happy to note that salary increases are expected in key areas over the coming months, particularly in difficult to fill roles, however these increases will be more measured than in recent years,” said Breda Dooley, recruitment manager at Matrix Recruitment.
“Employers will be more selective in their recruitment process in the year ahead, carefully evaluating the need for each new hire. Despite this, we’re expecting next year to be predominantly candidate driven market and competition for top talent will be strong.”
Competition to attract and retain professionals
With competition between businesses to attract and retain skilled professionals expected in the months ahead, benefits will become a crucial carrot to dangle in front of employees.
“If employers want to secure the best talent available, they’re going to have to offer attractive benefits to make it happen. Financial security is no longer enough of an incentive on its own, candidates want additional incentives that will give them a better work/life balance as well as stability. Employees expect healthcare, pension, bonus, more holidays than statutory amount, life assurance and more,” said Breda Dooley.
The Matrix Recruitment Salary Guide also noted a rise in demand for pay transparency in job listings. In her reflections, Breda Dooley advised that by making salary offers clear at the start of the recruitment journey, businesses can achieve a competitive edge that ensures their job listings stand out from the crowd.
Where wages will rise
Contract work was also noted as being on the rise over the past year and Matrix Recruitment predicts that this will continue over the next 12 months. Key to this rise is employers seeking out skill specialisation, allowing companies to access talent temporarily and across a global labour market.
The financial services sector is experiencing a paradigm shift with the rise of online financial transactions, making it more dynamic and demanding top talent to drive innovation. Some of the most sought-after jobs in the financial services industry next year will be financial analyst, actuary, portfolio manager, and quantitative analyst, according to Matrix Recruitment’s Salary Guide.
Compliance officers could see an increase of up to 8% in their salary bands next year, particularly those based in Dublin, meanwhile New Business Managers working regionally could see a salary increase of up to 5%. Financial analysts will also see an increase in salary bands of up to 25%, particularly for roles based in the midlands and west where there is a talent shortage.
The supply chain sector will face high demand for skilled professionals next year creating a competitive job market where candidates have significant leverage. Key roles such as supply chain project managers and procurement engineers expected to be highly sought after.
Supply chain directors are predicted to see a salary band increase of up to 11%, according to Matrix Recruitment’s Salary Guide for 2024, particularly for roles based outside of the Dublin region. A 9% salary increase in predicted for procurement engineers in the same region, while planning managers in Dublin will see a more modest 5% increase in salary bands.
Despite a recent slowdown in the manufacturing industry in recent months, the sector’s 12-month outlook remains positive. Of course, sustaining growth depends on attracting skilled workers, necessitating a focus on talent both internationally and locally.
In the months ahead, R&D managers in the midlands and west can expect a salary band increase of up to 5%, maintenance planners in the Dublin region are also predicted to see an increase in salaries (up to 9%) while production managers in the south east are expected to see an increase of up to 7%.
