December 2022

• Technology, financial and construction see major salary increases
• 79% of employers are committed to continue increasing salaries in 2023
• Comment: “The rise in salaries in machine learning is reflective of the growth of the technology in recent years, and we expect the application of AI and machine learning to accelerate further in years to come, which can only be good news for those with relevant skillsets”

Machine Learning saw a 31 per cent growth in salaries in 2022, representing the biggest year-on-year salary increase amongst Irish-based professionals in the last 12 months, according to new data released by leading specialists in workforce solutions and recruitment, Hays Ireland.

Among the sectors to see the most pronounced salary increases were technology, construction, property, and insurance. The top ten salaries were revealed in Hays Salary and Recruiting Trends Guide 2023. The guide tracks recruitment trends and intentions in Ireland on an annual basis. The salary data in this guide was compiled using information gathered during 2022 from Hays offices across Ireland and is based on job listings, job offers and candidate registrations.

Numerous roles in the technology sector recorded major salary increases in 2022, including Site Reliability Engineers and Full Stack Developers, increasing 31% and 23%, respectively. In the financial sector, Reinsurance Underwriters have increased salaries by 29%, and VAT Accountants have increased salaries by 16%. The construction industry has seen salaries climb, particularly amongst Facilities Assistants and Qualified Technicians’ roles.

Top 10 Salary Increases:

Increases in salaries to continue in 2023

The Hays Salary and Recruiting Trends Guide 2023 found that over three-quarters (79%) of employers are committed to increasing salaries in 2023. It was noted by employers that this is a result of the cost-of-living crisis, but also due to the increasing demand for talent and the need for retention of staff. Eighty-four per cent of employers increased salaries last year, up 56% from the previous year.

Almost all employers (92%) say they have experienced skills shortages over the last 12 months. Along with salary increases, 90% of employers plan on hiring new staff. Of this, 75% are committed to hiring full-time, permanent staff. Apart from salary, work-life balance is the most important factor to professionals when considering a new role (35%), and 28% would accept a lower-paid job for a better work-life balance. Most employers offer hybrid working (70% vs 54% last year), and 47% say it has increased staff retention.

Of those planning to make a career change this year, 47% plan to find a job that’s more of a mix of hybrid working. 62% of employees would be tempted to change jobs if they could choose how often they’re in the workplace when working in a hybrid way. 85% of employees say an organisation’s purpose is an important consideration when assessing a new role, while 78% of employees believe an organisation’s commitment to sustainability is important when contemplating a new role.

Maureen Lynch, Operations Director at Hays Ireland said, “2022 saw significant growth in Irish-based salaries. The rise in salaries in machine learning is reflective of the growth of technology in recent years, and we expect the application of AI and machine learning to accelerate further in years to come, which can only be good news for those with relevant skill sets.

“The salary guide indicates that despite the cost-of-living crisis and skills shortages, employers are confident that they will increase salaries in 2023 and will also plan to increase staffing numbers.

“Employers are optimistic about 2023 and are positive about investing in their business and hiring new staff. While retention of staff is an issue for businesses, employers are adjusting and increasing salaries in order to meet the needs of staff. While salaries are important, it is also important to take into consideration the growing need for hybrid working among employees. Aside from salaries, flexible working and additional supports from employers are all attractive benefits.

“These supports can help employers in retaining staff and also attract new staff, as part of a businesses’ hiring and expansion plans in 2023.”

-ENDS-

Contact

For more information contact:

David Fleming
Account Supervisor
360, A Finn Partners Company
T: 086 342 0289
E: david.fleming@finnpartners.com

Eoin Delaney
Account Executive
360, A Finn Partners Company
T: 087 358 4485
E: eoin.delaney@finnpartners.com

Paddy O’Dea
Partner
360, A Finn Partners Company
T: 086 357 3365
E: paddy.odea@finnpartners.com
 

About Hays

Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK, Germany and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2022, the Group employed c.13,000 staff operating from 253 offices in 32 countries. For the year ended 30 June 2022:

– the Group reported net fees of £1,189.4 million and operating profit of £210.1 million;

– the Group placed around 83,750 candidates into permanent jobs and around 250,000 people into temporary roles;

– 16% of Group net fees were generated in Australia & New Zealand, 26% in Germany, 22% in United Kingdom & Ireland and 36% in Rest of World (RoW);

– the temporary placement business represented 55% of net fees and the permanent placement business represented 45% of net fees;

– Technology is the Group’s largest division, with 26% of net fees, while Accountancy & Finance (14%) and Construction & Property (11%), are the next largest

– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA