Following on from Q1, the hiring landscape in Ireland’s compliance, risk, and financial crime sector is primarily shaped by attrition. This year, approximately 65-70% of filled roles are replacement hires, indicating minimal market growth. Notably, heightened cost sensitivity has significantly influenced hiring decisions, with employers increasingly favouring internal hires, where we have witnessed 1/3 of opportunities that have come to market being awarded internally.

Exploring candidate expectations

So far this year we have seen those who make a move externally achieving anywhere from 6-20% increases in their base salaries, with an average increase of 15%. However, conversations we are having with candidates reveal somewhat inflated salary expectations of 25-35% increase in order to make a move. Despite this, clients are showing little flexibility with their budgets and salary offerings, leading to a mismatch in employer vs. employee expectations. Surprisingly, clients are favouring candidates with less experience who fit their budget requirements over those with a more aligned skill set that expect a higher salary. Overall, there is a noticeable reluctance in flexibility around budgets and salaries.

Candidates continue to place a greater emphasis on opportunities that align with their personal expectations and motivations, moving away from a sole focus on career advancement. It is well known that some firms have or are, reevaluating their hybrid working policies, potentially scaling back remote work options with some looking at changing their policies to 4-5 in the office. However, this adjustment may not fully resonate with the expectations of the current workforce, which continues to value flexibility and work-life balance.

Hybrid policy mismatch

Candidates are experiencing what we call ‘commuter fatigue’, with skilled professionals commuting to Dublin from across Ireland. For companies aiming to attract top talent from their current roles, aligning policies with employee hybrid expectations is crucial to enhance their willingness to move. This is more prevalent for senior professionals who wish to maintain or further reduce their commuting in order to consider a move, as they travel in from locations such as Donegal, Sligo, Galway and Cork.

Advice to clients

When approaching the market with a cost-sensitive strategy and limited budget, it’s advisable to engage with the market to gain insights into what your budget can realistically achieve, managing expectations accordingly. Pre-emptive planning is essential; discussing your budget with recruitment specialists before initiating the hiring process can save time and ensure a well-considered approach.

Remember, there’s always a solution. Reach out to us for expert guidance tailored to your industry’s current expectations.

For guidance on the talent market across risk, compliance and financial crime to discuss resource planning on a permanent or interim basis please contact Eoin Hurley at  Eoin.hurley@coopman.ie.