Professional salaries to rise 5-10% as ‘Great Resignation’ continues

Salaries in certain sectors of the Irish jobs market are expected to increase by between 5 and 10 per cent in 2022, with increases of 15-20 per cent likely for some in-demand niche skills, according to professional services recruitment consultancy Morgan McKinley.

It says more than four in five people are considering a career move in the next six to 12 months, as it published its Irish salary guide, which outlines typical salaries for various professional roles.

The recruitment specialists said upward pressure on pay had been driven by the reduced mobility of international talent during the pandemic and that more “normal” salary inflation of 2-5 per cent would return in the post-pandemic labour market along with the flow of external candidates.

"We're currently seeing the most demanding employment markets of our time. The 'Great Resignation' of the past year appears to be still in full swing," said Trayc Keevans, global FDI director at Morgan McKinley Ireland.

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The Covid-19 crisis has prompted “countless workers” to re-evaluate their work lives just as the advent of a remote work culture means they can access roles that previously were geographically off-limits, she said.

“As a result, there is a constant misalignment between the supply and demand for employees in the market.”

The phenomenon dubbed the “Great Resignation” is proving “an unparalleled threat” for some organisations, Ms Keevans added.

“For others, it’s a golden opportunity to secure accomplished talent that will add value for years to come. Consequently, organisations are under incredible pressure to adapt their leadership, management and work practices.”

This may include offering hybrid or fully remote working options to candidates in order to attract the best talent.

In-demand roles

In technology, Morgan McKinley predicts the most in-demand roles in 2022 will be data analysts, data engineers and data scientists, while demand for software engineers will continue unabated. People with cybersecurity skills will also be highly sought after.

In science, Irish pharma and biopharma talent could benefit from emerging trends in cell and gene therapy, advanced therapy medicinal products, vaccines and medtech, with advanced therapeutics representing another opportunity for the sector.

Engineering professionals, meanwhile, may find openings as companies develop their environmental, social and corporate governance (ESG) policies, with sustainability engineers in particular demand.

Alongside risk and compliance, financial planning, mortgage underwriting, digital banking and payments are among the financial services areas expected to create new roles this year, while in accountancy and finance, candidates with overlapping supply-chain and logistics knowledge will be in a strong position.