Download the Brightwater Salary Survey 2020 here and read our expert analysis here.
Barbara McGrath, MD of the Brightwater Group says that there has been considerable movement on jobs in Ireland this year
“Notwithstanding the turbulence of Brexit, Ireland has experienced considerable movement on jobs, particularly within the banking, compliance, legal, supply chain and logistics sectors. While the potential impact of possible trade barriers and further tariffs is yet to be seen, the Government and professional bodies have done much in preparation and the impact may be reasonably limited. Post Brexit, all expectations are that we should see a positive uplift in optimism across the economy.
“While Dublin may be the focus for companies creating jobs, the regions have also seen their fair share of job creation. The Munster area in general has seen employment growth in cyber security, med-tech, pharmaceutical and fin-tech as well as manufacturing.
“As in 2019, 2020 will see a rise in salaries which have risen on average between 3% and 5% but in certain sectors such as IT where there is a considerable shortage of talent, we have seen some salary increases up to 10%. However, counteroffers are prevalent especially in niche areas like cyber security and audit and are skewing perceptions of market rate salaries. The much welcome changes this year to visa regulations for the spouses /dependents of visa holders has gone some way towards alleviating the pressure on talent shortages as the decision to relocate to Ireland has been made easier.”
This year’s Brightwater 2020 Salary Survey includes an economic overview by Bank of Ireland indicating there is plenty of momentum in the Irish economy and assuming that current UK-EU trading arrangements apply for another while yet, further growth is on the cards. Indeed, the latest Bank of Ireland forecasts have GDP growth of 4.8% pencilled in for 2019 and 3.8% for 2020.
Dr. Loretta O’Sullivan, Group Chief Economist, Bank of Ireland and contributor to Brightwater’s Salary Survey 2020 says: “Subdued inflation is helping to boost households’ purchasing power and consumer spending is advancing at a decent clip, although it is fair to say that heightened Brexit uncertainty has been tempering the mood lately.
“The same goes for business sentiment, with a number of firms impacted by the UK’s decision to leave the EU indicating that they have pressed the pause button on their investment plans and are adopting a ‘wait and see’ approach for the moment. However, our research also shows that three in five businesses have ambitions to expand within the next three years which bodes well. Tensions on the global trade front are also adding to the unsettled external backdrop but notwithstanding these, exports are more than holding their own.”