Poorer on pay, bigger on life

Irish investment banks are competing for staff by offering candidates a better work-life balance and fringe benefits, recruitment experts say.

"Pay at Irish banks is pretty much on a par with foreign institutions but Irish banks traditionally have excellent benefits, such as their pension contributions, flexible working time and VHI (Voluntary Health Insurance)," said Siobhan Mockler, manager of the banking and financial services division at Sigmar Recruitment.

Pau l Cotter, managing direct of recruitment firm Joslin Rowe in Dublin agrees. "I've dealt with American companies in the industry that have set up here in Dublin and they are amazed at the benefits paid here to attract talent, such as holidays, medical insurance, and pension payments," he told us. "You have to earn those over a number of years in the States."

Meanwhile, US banks' arrival in Ireland has led to the emergence of a new kind of reward - the bonus. While graduates with one year's work experience typically command bonuses of between 10 per cent and 15 per cent, there's now no limit to the percentage bonus Irish banks will pay leading salespeople on their home turf, according to Mockler.

The same doesn't appear to be the case in London. While business developers at the likes of JPMorgan or Citigroup can earn bonuses equivalent to 100 per cent or more of their salary, Ireland's banks rarely pay people in similar roles bonuses that are more than a fraction of their salary, according to one recruiter working with both kinds of institutions.

As in Dublin, it seems they make up for it in other ways. "They end up paying less, but this doesn't prevent them from hiring," he said. "Ireland's banks are seen as quality employers that offer a good

work-life balance."