The following information appeared in today’s Irish Times and the findings are from a survey carried out byirishjobs.ie. I don’t know yet the size of the survey sample but in a nutshell the survey findings are showing a salary drop of up to 22%. The experience of the Talent Partners team is along similar lines especially where candidates are returning to the workplace or placed on protective notice. However in the case of headhunted candidates who are actively employed today and discretely interviewing for mid to senior level management roles salary increases are still very much in vogue. There is still a demand for top talent and a number of companies are still struggling to find the right talent to drive their businesses forward in this marketplace.

From the Irish Times:

Benchmark salaries for new employees in Irish companies have fallen between 5 and 22 per cent in the economic downturn, a new salary survey has found.

The research from recruitment website IrishJobs.ie showed salaries have fallen in most professions, with banking and construction taking a large hit.

In banking, the average salary has fallen between 10 per cent and 25 per cent, while the average construction salary is also down between 15 and 22 per cent. Project managers, civil engineer and foreman roles are among the hardest hit; those working in quantity surveyors and building services roles have been relatively unaffected.

In IT, salaries for permanent roles are showing a reduction of up to 15 per cent, while contractor rates are also down by up to 27 per cent, while the hotel and catering sector can expect to earn 15 per cent less at most levels, with senior jobs taking a 30 per cent reduction in salary

The legal profession was the only one that showed an increase, according to the survey. While salaries for newly qualified solicitors are down about 10 per cent, there has been a rise in salaries for some experienced legal staff.

IrishJobs.ie’s Valerie Sorohan said the survey was reflective of what was happening in the workplace throughout one of the most challenging markets in recent memory.

“For the past 12 months we have been hearing anecdotally of employee salary reductions in most industries. It will come as no surprise therefore, that the market rate for salaries for new employees has been adjusted downwards in most sectors,” she said.

“It would appear that the market has stabilised and salaries have adjusted accordingly.

“Prior to 2008, Irish salary rates were rising rapidly, making Ireland less competitive for inward investment. The reduction in salary rates across the board, as seen in the 2010 salary survey, may work to attract new business investment to Ireland.”

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It’s not pleasant reading but here are the latest CSO figures on enemployment in Ireland.

Official figures show that the unemployment rate in the final three months of last year moved up to 13.1%, compared with 12.5% in the previous quarter.

The Central Statistics Office figures also show a sharp rise in long-term unemployment – people out of work for more than a year.

The CSO’s quarterly national household survey said just under 1.9 million people were in work in the final quarter of last year, a fall of 166,900 or just over 8% compared with a year earlier.

Read the CSO figures in full here

The biggest fall again came in the construction sector, where the numbers employed fell by almost 80,000, or 36.8%, over the year. There was a fall of almost 30,000 (10.8%) in the number working in industry.

The number of people unemployed in the final quarter of last year was 267,400, up 97,700 (56.6%) from a year earlier. The number of unemployed men rose by 61.5%, while the rise for women was 49%.

Long-term jobless now a third of total

The CSO said more than half of the annual increase was in long-term unemployment, bringing the number of people under this heading to 89,100. The long-term unemployed now make up one-third of total unemployment, compared with just over a fifth a year earlier.

Though the headline jobless figure fell by 12,400 from the previous quarter, it was up 10,000 when seasonal factors were taken into account.

The CSO’s quarterly national household survey also shows that the number of people in the labour force continued to fall – down 3% over the year.

The number of non-Irish people in the labour force fell by 33,600 or 10% over the year, compared with a fall of 1.9% for Irish people. 255,200 non-Irish people were in work, while 47,900 were unemployed.

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Last week saw Stephen travelling to Budapest to attend the regional meeting for MRINetwork owners.  The meeting was held in Budapest and excellent content was delivered from speakers as far apart as Switzerland, the US, England, Germany and Ireland.

Our  COO was delighted to report in Budapest, that revenues have been growing on a month by month basis since October ‘09 throughout the European Network . This is following a similar trend to our US offices where a month on month increase has been reported from September onwards. While caution is still urged and the possibility of a double dip still remains there is no doubt that we are in an improved business environment compared to 12 months ago.

As business improves, the recruitment and retention of key talent will dominate agenda’s again.  If you need expert advice on recruitment, talent management strategies, compensation packages or psychometric testing/personality profiling please do not hesitate to contact Stephen Kennedy directly on 01 – 4428270.

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