Crisis drives up starting salaries in pharma – but retail banks hit
SALARIES for new posts in pharmaceutical plants have surged by up to 50pc amid the crisis, but those seeking work in office support and retail banking should brace for disappointment, according to the 2020 Irish Salary Guide.
Today’s report by high-end recruitment firm Morgan McKinley finds that, while firms in retail, hospitality and travel have suffered colossal job losses and pay cuts, the crisis-resistant tech, pharma and logistics sectors are recruiting with gusto.
Publication was delayed by three months to include crisis-driven swings in pay being offered to fill roles across swathes of the economy.
Morgan McKinley’s analysis concentrates on higher-salaried sectors of employment where the Irish-based firm connects global clients and job hunters. Yet even among these relatively well-paid positions, a pattern of Covid-19 winners and losers emerges.
“While some businesses are under serious pressure, others are seeing unprecedented demand for their products or services,” said Trayc Keevans, global FDI director for Morgan McKinley.
Hourly pay within Irish pharma manufacturers has risen 10pc to 50pc since the crisis spread to Europe four months ago, the report found.
Its breakdown for pharma workers showed the pay gap is narrowing between Dublin and Cork and the traditionally lower-paid regional centres of Galway, Limerick and Waterford.
In all five cities last year, lab technicians starting out could be paid as little as €25,000 and microbiologists €55,000 – but such entry positions now are being filled at a premium.
Salary shifts in financial services are also dynamic now.
New roles for compliance officers, asset and fund managers and insolvency experts may command 10pc higher offers “to entice and reflect the risk a professional is taking to leave their current position to join another employer in the current environment”.
But retail banking roles may see salaries for new posts fall by 15pc. This means an experienced branch manager might be paid €85,000 in Dublin and €50,000 elsewhere. Starting cashiers may earn as little as €21,000 in Cork.
A similar 15pc drop in starting pay could apply in office support roles as “remote” working grows deep roots in the economy. Typists and junior PAs might expect starting pay of just €21,000 to €27,000.
Ms Keevans said strong demand for software engineers, IT auditors, and experts in cybersecurity, data and analytics means “we expect these still to command the upper end of the salary range”.
“In some cases, companies will see current uncertainty as an opportunity to recruit talent previously locked up in other companies,” she said.
A head of IT security in Dublin might be paid €800 a day.
“Disciplines such as supply chain and technology remain largely bullet-proof. As a direct impact of Covid-19, and ongoing Brexit uncertainty before that, demand for all levels of supply chain and procurement professionals shows no signs of abating.”