Professionals in the market are very passive, and it has been a quiet start to the year in terms of candidate movement. As the pace is anticipated to quicken in the last month of Q1, there are several factors for this.
Candidate movement and considerations:
Firstly, candidates need to be attracted to move. In 2022, the market saw candidates getting large increases for new opportunities, however, this tide has now turned. Many professionals are now thinking more strategically about their careers, and are prioritising a move that will help them to progress, rather than necessarily increase their salary. Individuals with this mindset, particularly at a senior level, should consider taking a decrease in their salary for long-term gain. Moreover, professionals are giving greater consideration as to what will work best for them. People on the more senior side are seeking more flexibility in their work. Overall, the opportunity for a hybrid working model is more important than salary.
Looking at specific sectors, funds have seen little movement, while insurance has been busy with professionals seeking new opportunities. As bonus payments due will vary sector by sector and their performance, people coming to market is very much dependent on satisfaction with their bonus.
By nature, compliance and risk professionals are more risk-averse, and witnessing the high volume of tech layoffs has impacted the general desire to move. Of course, it will only take one or two key movers to open new opportunities.
Tech layoffs have resulted in more professionals in the market, which has had two-fold results. On one hand, individuals made redundant are looking for higher salaries that match the tech space, while others recognise that these tech companies paid above-market salaries, and realise that re-entering the financial services industry will result in lower compensation packages. Candidates must manage their salary expectations if they are considering a return to financial services.
Finally, Irish ex-pats and individuals emigrating to Ireland must keep a clear vision of potential salary packages. To put it simply, companies are seeking professionals who have experience working in the Irish market, and if this is not the case, salary decreases are likely to be incurred. While this isn’t ideal, gaining this experience will help such professionals to increase their salary packages once they have attained the necessary experience. Moreover, senior-level professionals moving to or returning to Ireland should keep in mind that the top line of the Irish market is capped so to speak, at approximately €150k, with a 30-40% bonus.
Bonus ranges for 2023:
Between January to March is the bonus season for the Compliance and Risk industry, negating retail banks as bonuses are not paid in this sector. Bonuses range from 10-15%, dependent on individual and company performance. On the senior side, these bonuses can increase to 30-40%, again, dependent on overall performance.