There’s big demand for contract workers in Irish financial services. Here’s how much they’re paid
Ireland’s financial services contract workers have reason to feel a little apprehensive. The six month delay in enacting the Agency Worker’s Directive (AWD) has come to an end. The Bill was passed earlier this month. All that remains now is to see its impact.
Helen Gallagher, human resources manager at recruitment firm Morgan McKinley, says the act has been amended in three significant ways which contract workers should be aware of.
Firstly, all references to so-called ‘comparable employees’ have been removed. As a result, agency workers are now entitled to the same basic working and employment conditions as colleagues who are hired directly by clients – rather than those of their agency comparators.
Secondly, the retrospective elements of the Act have been amended. It will now apply only to basic pay – and not to all the other entitlements the Act grants agency workers.
And thirdly, Gallagher says the Act includes an Anti-Avoidance section. This prevents agencies using successive assignments to avoid the benefits conferred upon agency workers by the Act. As a result, a series of separate assignments will now be treated as one single assignment and the agency workers will accumulate service and other entitlements under employment law.
Agency workers are still hot in Irish financial services
All in all, you’d think all the new benefits would discourage Ireland’s financial services employers from hiring agency workers. And yet recruiters say this isn’t the case.
“Contract workers in Ireland are in high demand” says Claire Dunwoody, of Robert Walters. “Many organisations at present are unable to offer permanent positions and are offering long term temporary or fixed term contracts.
“In order to retain staff and ensure they will not leave for a permanent role, we have seen an increase in the amount of companies offering bonuses to the temporary worker upon completion of assignment to ensure they stay for the duration,” Dunwoody adds.
Sarah Owen, senior consultant at Morgan McKinley, agrees contract talent is short in Ireland’s financial services sector, and for the same reason: Uncertainty in the market is driving demand.
This is what Ireland’s financial services contractors do, and how much they’re paid
Contractors are used across all areas of Ireland’s financial services market, including credit risk management, fund accounting, investor services, fund administration, financial and regulatory reporting accountants and business/financial analysts.
Robert Walters’ salary survey, added below, indicates how much you can expect in one of Ireland’s contract roles. Notably, pay is increasing – especially for finance positions.
Source: Robert Walters
