2023 is expected to bring further challenges and opportunities to Accounting and Finance industry in Ireland. As rising inflation continues, employers must review salary increases effectively and hiring budgets for talent continuity in an increasingly challenging economic climate and competitive employment landscape.
Talent Requirements Rise in Certain Sectors
International travel saw a return to pre-pandemic levels last year. The huge rebound in air passengers has allowed for increased opportunities in the aircraft leasing sector, both locally and globally, resulting in increased talent requirements to maintain this renewed demand, made more evident by the continued expansion of small and medium lessors over the last 12 months.
Elsewhere in the Insurance sector, a key focus for companies has been on the integration of IFRS17 reporting professionals and accountants in this space. Many employers are looking outside the island of Ireland for talent sets that have similar regulatory reporting backgrounds, to ensure a more efficient adoption of such standards.
Cost of Living Impact on Salary
As the inflation rate rose to 8.2% in 2022 and is forecasted to reach 6% in 2023, employers are reviewing budgets to support their employees to combat the increasing cost of living. While a typical incremental salary increase is usually between 2-3%, many employers are looking at 4% increases to better benchmark salary with costs.
As we enter 2023, The average starting salary for a Newly Qualified Accountant within Financial Services stands at a benchmarked €60k compensation package before benefits. The market conditions for qualified accountants have led to an increase in basic salaries ranging from 10-20% increases depending on the sector and years of post-qualified experience.
Companies will face challenges of attracting the best talent available in 2023, and companies must identify their unique selling points to remain competitive. Moreover, a large focus for companies this year is on talent retention. In both these instances, it is vital to consider what your company culture is, how it is promoted at the talent attraction stage, and how it is cultivated to enhance retention strategies. At Coopman, we understand the importance of showcasing your company’s story and will work with you to identify and promote what differentiators your company has to demonstrate your USP in the market.
If you are interested in learning more about live opportunities, or you would like to discuss how we can support your hiring processes in the current market, please get in touch with Mark Fallon, Co-Founder and Director for Accounting.