Despite stormy financial markets and a jittery property market, most Irish salaries grew over the past year, writes Adam Harvey.
Uncertainty in financial markets and a weak residential property sector will impact on 2008 pay packets, according to a new salary guide.
Nevertheless, most Irish salaries grew over the past year, even in areas subject to prophesies of doom and gloom such as the construction sector.
There, workers avoided wage cuts and job losses by shifting from building homes to working on commercial projects, says the survey published by recruitment firm Premier Group.
Accountancy and office support salaries experienced above- average growth, says Brian Murphy, managing director (Ireland) of Premier Group.
"Looking ahead, we remain very confident in the buoyancy of the recruitment market for 2008," he said. "However, there is a definite air of uncertainty that may impact the pace and volume of hiring decisions."
Recruitment will slow in the first half of 2008 before picking up, said Mr Murphy. While the guide is concerned with base salaries, it says that "quality of life" and the dreaded commute are beginning to influence the choices of both workers and employers.
"We also expect the trend to continue for companies within Dublin city centre to relocate or expand their operations out of the city centre, into suburban areas, where candidates seeking reduced commuting options are in good supply," added Mr Murphy
Analysis within the salary guide indicates that the recruitment market in the construction sector "remains buoyant" despite the noticeable decrease in the completion of residential units.
It says Dublin-based architects should expect to earn between €41,000 and €87,000, contract managers between €58,000 to €104,000, site foremen from €49,000 to €81,000, while landscape designers in the city pull in between €27.000 to €46,000.
This year was a tough one for property-related financial services, according to the guide, but the deficit was made up in the pensions and insurance sector of the commerce and industry sector. A shortage of suitably-qualified candidates in corporate finance, taxation and wealth management has pushed wages up, the guide says. A financial director in the commerce and industry sector based in Dublin earns a base salary of between €120,000 and €170,000, the survey says, while a newly-qualified accountant would earn between €55,000 and €60,000 in Dublin. An accountant in a regional centre would pull in between €35,000 and €43,000, says the survey.
The guide takes no account of bonuses or other sweeteners used to entice and retain staff, so the base salaries can sometimes seem on the low side. For example, a hedge fund accountant working in Dublin is said to earn between €32,000 and €55,000, while a Dublin retail banking branch manager could earn as little as €33,000.
The guide also says that a Dublin stockbroker earns a base salary of between €48,000 and €100,000. Assuming that some bonuses will reflect the woeful recent performance of the local stock market, brokers at the low end of that salary scale could be handing over the keys to their BMWs and inner-city apartments next year.
Pension consultants will not have too much to worry about, the guide suggests. The sector is booming and base salaries range between €45,000 to €75,000 in Dublin and €35,000 to €40,000 in the regions.
Residential conveyancing is "stable", the guide says. In the legal sector, private practice solicitors with six to seven years' experience earn base salaries of €80,000 to €100,000, while newly-qualified solicitors will earn salaries of between €40,000 to €55,000, which is around the same wage as a senior executive PA. A personal assistant with seven years' experience earns between €35,000 and €45,000, says the guide.
