Although for some industries 2017 has proved to be a challenging market due to uncertainty around the UK and US political situations, for the most part it has been a positive year. Continued foreign direct investment and M&A activity has ensured a continuous flow of talent, though it has been evident that competition continues to rise for the top tier of talent.
It is with this in mind that Accreate has adjusted its salary guide upwards for 2018. We have gathered information across a wide, but not exhaustive range of positions to gauge recent trends. On average, we are seeing roughly a 10% increase on salaries and closer to a 15% increase when including the value of the total package.
|CEO||170k - 400k|
|COO||150k - 260k|
|Head of Risk & Compliance||160k - 220k|
|VP / Operations Director||140k - 200k|
|VP / Manufacturing Director||140k - 200k|
|Treasury Director||130k - 200k|
|VP / Engineering Director||120k - 170k|
|Business Development Director||120k - 150k|
|Head of Audit||120k - 160k|
|VP / Supply Chain Director||110k - 160k|
|Chief Technical Officer||120k - 200k|
|Chief Financial Officer||150k - 250k|
|VP / Sales Director||100k - 170k|
|VP / HR Director||120k - 180k|
Adding to the market competitiveness has been an influx of talent from overseas due to a skills shortage in specific disciplines. This has also not been helped by Ireland’s high income tax rate. This has meant that business in Ireland have had to pay a premium in order to attract talent. There is a long term benefit to this in terms of skills and adding to Ireland’s ability to attract FDI. Typically, we have seen that a lack of talent in a specific area rather than a high cost of labour has been the decisive factor in attracting high value investment.
Additionally, the market has begun to hold the value of long term incentive schemes in higher regard. Many of the publicly-floated US multinationals that have invested in Ireland include stock options or restricted stock units in their standard packages for senior employees. As the understanding of this spreads amongst the workforce of how valuable these can be over time, they have become a key tool in attracting talent without having to add a supplement onto basic salary.
Moving into 2018, the sentiment is largely positive. Some areas of business will see great benefit from Brexit-related decisions, whilst others will benefit from the generally buoyant markets as we continue to gather apace following years of slow growth. There is also an increasing appetite to move positions and progress as general positivism erodes the conservative approach adopted post recession.