The Morgan McKinley 2024 Salary Guide found that 40pc of Irish employers are concerned about the lack of skilled candidates available and see it as their main challenge going into 2024.
Morgan McKinley’s 2024 Irish Salary Guide predicted a number of different trends for workers regarding technology, pay expectations and working models. It also predicted what the most in-demand jobs for each sector will be over the next year.
Following a slowing down in hiring in 2023, tech employers are feeling slightly more positive about their plans for the coming year. According to the salary guide, the most in-demand jobs in the technology sector in 2024 will be software developer, web developer, DevOps and cloud engineer, infrastructure engineer, QA engineer and cloud infrastructure engineer. Cybersecurity professionals will also remain in high demand, particularly as the deadline for EU member states to comply with the updated NIS 2 Directive approaches in October 2024.
‘As we look ahead to the next year, the salary landscape for most professional fields appears set to remain stable, tracking closely with an estimated inflation rate of around 3pc’
Over the next year, salary increases are expected to stabilise in most fields as tech talent seems to show a willingness to accept reduced pay in exchange for fully remote work options. According to Morgan McKinley, the tech sector is one of the most open to remote and hybrid working. Overall, salaries will remain stable into 2024, however, skills shortages and demand for specialised talent mean some highly skilled workers will be able to buck that trend and command salary increases.
“As we look ahead to the next year, the salary landscape for most professional fields appears set to remain stable, tracking closely with an estimated inflation rate of around 3pc,” said Trayc Keevans, global FDI director of Morgan McKinley Ireland.
“However, it’s important to recognise that this status quo will not apply across all professional jobs. In certain niche positions and industries facing severe skills shortages, we can expect notable deviations from this standard. These sectors will diverge from the broader trend, presenting more pronounced salary increases of up to 15pc for professionals with highly sought-after skills, primarily in pockets of technology, engineering, construction, life sciences and financial services sectors.”
Among the most in-demand jobs for the engineering and life sciences sectors are quantity surveyor, site engineer, construction project manager, process engineer, automation engineer, CQV engineer, QA specialist, validation engineer, QC analyst, laboratory manager and R&D engineer. Ireland’s status as an attractive location for biopharma multinationals is likely to continue into 2024, meaning plenty of opportunities for skilled workers. Engineers with ESG skills will be in high demand in 2024 and beyond.
‘We anticipate that employers’ focus for hiring in 2024 will be two-fold. Companies will continue to adopt a discerning approach to recruitment’
For their part, employers have struggled to retain talent in a competitive market over the past year. They are looking to invest in internal skills programmes and nurture existing talent and, as the salary guide indicates, they are willing to pay more for quality skills.
“We anticipate that employers’ focus for hiring in 2024 will be two-fold,” said Keevans. “Companies will continue to adopt a discerning approach to recruitment, carefully assessing the necessity of each replacement before making hiring decisions and ensuring that such hires are productive and add value to the bottom line. Secondly, we expect leaders to concentrate on retaining their talent and matching the expectations of their employees around flexible working practices, career advancement opportunities and a supportive company culture.”
According to data accompanying the salary guide report, 40pc of Irish employers are concerned about the lack of skilled candidates available and see it as their main challenge going into 2024. As well as the lack of skilled candidates available, budget problems and inability to provide competitive compensation packages are also significant threats to talent acquisition and retention.
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