Pay rises as brakes are applied to Dublin job market
Financial services salaries are on the up in Dublin, but the numbers of jobs and candidates available are falling.
The average pay for financial services employees working in the back and middle office rose by €5k to €39.1k, according to the latest figures from recruiters Joslin Rowe. This is up from a €33k average from this time last year, but has slipped from the record €43.5k in October of last year.
The message from recruiters is that the Irish job market is proving resistant to the market woes stemming from the US sub-prime mortgage crisis, but is obviously not entirely immune.
Paul Cotter, managing director of Joslin Rowe in Ireland, says: "The continuing implications of the US credit crisis and soaring oil prices are feeding a growing sense of alarm. Year-on-year salary growth remains strong. Dublin's job market is still way ahead of this time 12 months ago."
But while the number of jobs available - 590 - may be up on 2006, they've been on a downward slide since the highs of October when there were close to 1,000 open posts.
Cotter says: "Whether this is a seasonal fluctuation or a wider trend will not be clear for another month or so."
Similarly, the shortage of candidates that has beset the Irish financial services industry is clearly illustrated by Joslin Rowe's figures. In January 2007, there were close to 750 available candidates in Dublin, but this tumbled throughout the year to end on a low of 430 in December.
