Time for temping?

Demand for temps in Ireland's financial services industry is skyrocketing. Operations, IT, compliance and regulatory accounting contractors are all cashing in.

Recruitment firm Robert Walters says the Dublin contract market is "booming", with banks increasingly using contractors to plug gaps in their permanent teams or take on specific, short-term projects.

Professionals with experience in audit, compliance, Basel II implementation and regulatory accounting are all in high demand, says Mischa McInerney, manager of Robert Walters' temporary and contract division.

"We have increased our number of contractors by 45% over the past six months," she points out. Back office roles, systems implementation, reconciliations and process re-engineering projects are also all open to temps these days, she adds, with day rates as a consequence rising sharply.

"The hourly rate for a newly qualified accountant, for instance, is around €27.50, compared to around €22.50 eighteen months ago," she says.

There are also the first signs of a temp 'premium' creeping into the market: "Eighteen months ago, when the demand was significantly less, salary levels were similar if not the same. Now, they will need to pay contractors 10-15% more.

"We also advise clients to offer completion bonuses to candidates to ensure they are committed to the full term of the contract," she adds.

Accountancy temps are in particular demand, agrees Michael Tichbrand of Dublin recruiter Cox Fitzsimons & Wilkes: "Quality accountants with one to two years' experience are really the hen's teeth at the moment and positions can turn around in two to three days," he says.