Newly qualified accountants are typically starting at €50-€60K, a 10% increase on last year. Bonuses are very healthy across the sector and average 15%.
“The skills shortage in the financial services sector in Dublin has pushed salaries up at certain levels, said Rowan O’Grady, Director, HAYS Specialist Recruitment. Employers are prepared to offer salaries and benefits to attract and secure those skills that are lacking. The two groups most in demand are payroll specialists and newly qualified accountants. Salaries for these candidates have risen considerably during the last 12 months.
“Within Hays, we have registered a 29% increase in 2007 in Senior Finance vacancies for roles above the €80,000 salary level and we expect this trend to continue in to 2008”, he added. “Public practice salaries look set to increase at a rate of 5-7% over the coming year and Directors in Public practice can expect basic salaries in excess of €75k with an approximate bonus of 20 – 30 %.
The HAYS 2008 salary guide revealed that employees are seeking improved overall work life balance with 43% considering flexible working as an attractive benefit when considering a new role. Employers in the financial sector are looking at ways to improve their staff’s work-life balance with 63% stating that they offer at least 75% of employees’ flexi-time and 32% the option of working at home part of the week.
51% of employees in the financial sector surveyed stated seeking a higher salary as a key decision to leave a job. Aligning this trend, 58% employers stated that higher basic salary has the most positive impact on the recruitment or retention of accountancy and finance staff.
Key Findings:
· Market conditions have remained largely the same since our last review in January 2007, with demand for accountancy support through to finalist or newly qualified employees continuing to increase, resulting in rising salaries.
· More than 25% of employees are offered bonuses which are usually based on a mix of company and individual – these are from upwards of 5% on average.
· The most commonly offered benefit is financial training support followed by private medical cover.
· When considering a new role, 25 days or more annual leave and higher basic salary are the most important benefits for employees.
· 50% of employers surveyed have pension plans, most are with a qualifying period. Most of the schemes are contributory where employers contribute up to 5%.
· The majority of employees (75%) would like to change their current working hours and flexitime is by far the most preferred work pattern.
· Employers found the shortage of applicants with the required skills and experience to be the greatest challenge to recruitment over the last 12 months. Employers can overcome this situation by retaining staff through increased salary, offering a new challenge or more interesting work, and increasing responsibility/seniority.
