Bubbling market, steamy pay

Salaries in the Irish financial services sector rocketed upwards by almost 5% in the three months from April to June, a rate of increase which hasn't been seen since 2001.

Figures released last week by the Central Statistics Office (CSO) revealed that people working in areas such as banking, insurance and building societies earned an average of €833.45 per week in June, compared to €796.35 in March. Salary levels in June were more than 7% higher than pay rates a year earlier.

According to Joslin Rowe recruitment agency, the employment market in the financial services sector in Dublin is "positively bubbling" at the moment. Joslin Rowe have reported an even higher jump in salary levels than the CSO. "Salaries are moving strongly upwards, and now average €39,302, compared with €32,083 in October last year, representing a 22.5% increase" a Joslin Rowe spokeswoman told eFinancialCareers.ie.

Andrew Litchfield of The Careers Register recruitment agency has noticed a "decent rise in salaries", which is fuelled by a shortage of staff. "It's a buyer's market," Andrew says. "Employers have to pay big money to get people on board."

David Hannon of PPG Recruitment agrees that salaries have increased over the last year, particularly in the funds sector.

Niamh O'Brien of Irish Recruitment Consultants explains that the IFSC has created an environment "where competition for experienced staff is fierce". Staff retention has become a major issue for funds companies, she says, and candidates are being lured by "improved benefits packages, reduced overtime and salary increases".