The ‘talent crisis’ warning the British exit from the EU drives up salaries

  • The ‘talent crisis’ warning the British exit from the EU drives up salaries
    Independent.t. E.
    The attractiveness of Ireland as a post-quarter and month base for global financial firms has driven wages for some roles higher with some positions offering 15pcs more than a year ago.
    https://www.independent.ie/business/brexit/talent-crisis-warning-as-brexit-drives-up-wages-37197603.html
    https://www.independent.ie/business/irish/article37197602.ece/c9e18/AUTOCROP/h342/2018-08-09_bus_43121376_I1.JPG

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The attractiveness of Ireland as a post-quarter and month base for global financial firms has driven wages for some roles higher with some positions offering 15pcs more than a year ago.

Risk and compliance staff particularly in demand, five of the leading recruitment consultants Dublin told Reuters.

Knowledge in data science and new technologies, such as payment platforms are also in demand. And upward pressure on wages may continue while the Central Bank is expected to approve expansion plans more companies in the coming months.

While higher wages are good news for workers, it can bring problems.

International financial firms accounts for only 2pc of Irish jobs, but has contributed to a sharp drop in overall unemployment. The Central Bank last week said that the economy may overheat, if there are capacity constraints in the labour market.

“Financial services is one of the areas there is a certain surge of recruitment,” said Gerard Murnaghan, Vice President at do the job seeking.

First quarter Postings were up to 15pcs year-on-year.

Although Ireland is considered the most vulnerable among the countries-EU members to any change in trade after the British exit from the EU, financial services firms want to keep a close access to customers after the UK leaves the EU in 2019.

Barclays, legal & General investment management and standard life in Aberdeen among the companies to choose Ireland after the British exit from the EU against stiff competition from competing centres, including Luxembourg, Frankfurt and Paris.

Robert Mack Giolla Phadraig, commercial Director, Sigmar recruitment, said he offered the work of staff, to increase between 10pcs or 15pcs, front office staff, able to command the highest salary jumps. Two-thirds of employers surveyed by Sigmar and accounting firm EY said they were expecting to give staff a salary increase in order to stop poaching from rivals, a practice already accounts for one out of four employees.

“We have reached the tipping point … it is a crisis of talent.”

Local banks allied Irish banks and permanent TSB both said they had lost staff to international rivals in recent weeks, weighed down limit and the prohibition on remuneration.

About a fifth of vacancies are filled from abroad and more employers also offer flexible work schedules to help seal the deal.

Andrew Crawford, head of the Branch in Ireland, said that the applicants come from as far afield as Australia and the United States, after many people left after the financial crisis of 2008. (Reuters)

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