Matrix Recruitment’s new guide says those working in financial services may benefit from slightly higher salaries this year.
In a new guide published today (11 January), Matrix Recruitment has outlined its 2021 salary predictions. It says that the pandemic will have “no significant adverse effects” on salaries this year, and even predicts regional salary increases for financial services employees. The guide was developed by analysing the averages of salaries for particular roles across a variety of sectors.
The firm’s managing director, Kieran McKeown, predicts that many salaries will be in line with those of 2020. He says there could be “marginal increases”, however, in sectors experiencing skills shortages.
“Any measure of sectoral stability is to be welcomed and the outlook is more positive than we would have anticipated six months ago, given the turbulence of the employment market during 2020,” McKeown said.
According to Matrix, Brexit has pushed financial institutions to relocate to Ireland from the UK, and this is good news for those working in the sector.
The report says financial controllers in financial services can expect to earn a salary between €60,000 and €85,000 and risk officers can expect to earn between €45,000 and €60,000. While these are in line with 2020 figures, credit union lending officers may see an increase of up to 17pc this year, bringing the average salary for the role up to €45,000.
However, the report highlights persisting divides between Dublin and the rest of the country. A credit analyst in Dublin can expect to earn between €30,000 and €45,000 in 2021, for example, while the same role in another county will only bring in between €24,000 and €30,000.
Digital transformation in light of Covid-19 has heightened the need for technically skilled accountants, the report says. Financial directors can expect to earn between €150,000 and €200,000 in Dublin, €100,000 in the midlands and west, and €120,000 in the south-east.
Newly qualified accountants who land a job in one of the Big Four – Deloitte, EY, KPMG and PwC – can expect to earn between €50,000 and €65,000 in Dublin and between €45,000 and €50,000 in the south-east. Financial controllers in accounting in any region can expect a starting salary of €80,000.
The accelerated digital transformation we saw in 2020 has led to greater demand for IT professionals across the country, according to Matrix.
Higher-level positions such as CTO could offer between €120,000 and €160,000 in Dublin and between €90,000 and €140,000 in other regions.
IT directors in any location can expect starting salaries of €100,000 this year while IT managers could earn as much €120,000 in Dublin, the report says.
Quality, lab and manufacturing
Matrix doesn’t see salaries for quality, lab and manufacturing employees changing in 2021. For lab technicians, it says, average salaries will lie between €30,000 and €40,000.
Microbiologists can expect to earn between €45,000 and €50,000 and manufacturing plant managers could earn between €90,000 and €110,000.
Increases outside of Dublin
As the shift to working from home has pushed more businesses to consider moving operations beyond the capital, employees in the south-east, midlands and west of the country could reap the financial benefits.
In each of these regions, financial controller salaries could grow by up to 10pc in 2021, the report says. This means that those with several years of experience could earn up to €110,000.
Last year, finance business partners could earn up to €85,000 in the south-east, according to Matrix. This year, the firm is forecasting a 12pc jump to €95,000.
While payroll manager salaries are likely to remain steady in Dublin, those in the midlands and west could grow by 7pc from €60,000 in 2020 to €65,000 in 2021. In the south-east, supply chain manager salaries could increase by 5pc to between €70,000 and €90,000.
See the full report for more 2021 salary predictions.