Salaries will rise by up to 10% as the majority contemplate a career transition next year – Morgan McKinley

Salaries are expected to increase five to 10 percent in many sectors as the majority of people are considering a career transition over the next year, according to Morgan McKinley.

The 2022 Irish Salary Guide from the Irish-owned global recruitment consultancy, which analyzes wages across a range of occupations and sectors, predicts that salaries will rise by 15-20 per cent for some in-demand specialized skills.

Morgan McKinley said the upward pressure on salaries was driven by lower international talent mobility and corresponding demand for workers already on site.

She said she expected normal inflation figures of between 2 and 5 per cent “to come back into play in a post-pandemic world as countries open up and the influx of outside candidates into Ireland takes pressure out of an overheated labor market.”

Trayc Keevans, global director of foreign direct investment at Morgan McKinley Ireland, said that “last year’s big resignation is still in full swing” amid “the most demanding job markets of our time”.

“The experience of the ongoing public health emergency has prompted countless workers to re-evaluate their work options, fine-tune a better work-life balance, and make informed choices regarding where their careers will go next,” she said.

They are looking for opportunities that will give them the right pay, benefits and long-term work arrangements. New opportunities made available through remote work mean that workers can now access roles that were previously geographically restricted.

As a result, there is a constant imbalance between supply and demand for employees in the market. We are seeing the return of counter-offers because there is strong demand to fill roles.”

82 percent of people are considering a career transition in the next six to 12 months, Morgan McKinley found in a survey of key hiring decision makers from 62 companies and 4,134 professionals across Ireland, the United Kingdom, Australia, Hong Kong, Singapore, China, Japan and Canada.

When asked if they would consider leaving their current organization if they were not provided with their preferred flexible work options, 75 percent of respondents answered in the affirmative.

A third of respondents preferred to work one or two mandatory days in the office per week, 29 percent wanted to work from home all the time, and 22 percent said they preferred two or three days in the office.

Ms. Kevans said many employers are either adjusting their business models to fit hybrid or remote work models entirely or offering higher wages as a way to attract talent.

Other additional forms of support include paid resettlement assistance, learning and development plans to support career advancement, and flexibility in where talent can work, including being open to making it easier for people from their country of origin to work.

sectors

When it comes to specific sectors, Morgan McKinley said advances in technology and information technology “are not displacing jobs, but rather creating more jobs as a driver of capacity development in artificial intelligence, robotics, and machine learning that requires human input.”

She said the most in-demand IT jobs in 2022 will be in data analytics, with DevOps talent also in strong demand. The demand for software engineers “continues unabated,” along with an increased demand for cybersecurity professionals due to the pandemic.

She added that the crypto sector has also started to create more jobs in Ireland over the past 12 months and this is expected to continue.

In the science sector, the recruitment consultancy said Irish pharmaceutical talent “is standing up to the opportunities arising from emerging trends in cell and gene therapy (CGT), advanced therapeutic medicinal products (ATMPs), new vaccines, and medtech.”

The best performing sectors for engineering talent through 2022 will continue to be data centers, pharmaceuticals, energy, medical devices, and automotive and food production. There is also a growth in demand for sustainability engineers, particularly in the energy sector.

When it comes to financial services, the rise of Irish management firms after the Brexit catalyst is showing few signs of abating, Morgan McKinley said, driving up demand for the roles of people hired and other talent in the pre-approval control function (PCF).

The recruitment consultancy said the “future is bright” for accounting and finance professions in Ireland at all levels in 2022, as the search for newly qualified talent continues in the “big four” firms.

It added that the increasing demand for supply chain roles such as freight assistant is expected to continue into 2022.

The demand for communications talent within the business has also increased since the shutdown due to communication requirements for digital brand awareness, as well as the need to develop better internal communications strategies to handle remote work.

Morgan McKinley said the demand for construction talent is global, as economies begin to recover and grow, which means that the gap between skills available to meet the delivery of committed projects such as data centers and residential construction is likely to grow in 2022.

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