The financial services sector in Ireland has had a mixed performance in 2023. While overall employment growth has slowed compared to 2022, there are still pockets of strong demand for specific skills and roles. Here’s an overview of the key trends and the outlook for 2024.
Key Trends in 2023
Skills Shortage: There is a significant shortage of skilled talent, particularly at the supervisor, assistant manager, and manager levels. This gap has led to companies acting quickly to secure top talent, increasing the prevalence of counteroffers.
Central Bank Guidelines: New guidelines from the Central Bank have created a higher demand for candidates with experience in compliance and risk, particularly in senior-level roles, especially for PCF-approved positions.
Sought-After Talent: The most in-demand roles in 2023 have included positions in:
- Private equity
- Depositary services
- Compliance & risk
- Pension administration
- Financial advisors
- Sustainability/ESG (Environmental, Social, and Governance)
Insurance Market Growth: The insurance market has continued to expand, with new institutions setting up functions or growing existing ones. This has led to a high demand for professionals in areas such as claims, commercial account executives, underwriting, and loss adjusting.
Legal Market Strength: The legal market remains robust, with significant demand for skilled legal professionals. The most sought-after legal roles include legal counsel, corporate lawyers, company secretaries, funds lawyers, and Data Protection Officers (DPOs).
Salary Trends in the Financial Services Sector
Increasing Salaries: Rising demand for skilled candidates and the ongoing skills shortage have led to higher salaries across the financial services sector. Counteroffers have become more common as companies work to retain talent.
Faster Hiring Processes: The time to hire has decreased as candidates have more opportunities available. Companies that can streamline their hiring processes are more likely to secure top talent.
Shift Back to In-Person Interviews: There has been a noticeable shift back to in-person interviews, which tend to provide a better candidate experience and increase the likelihood of buy-in from prospective hires.
Advice for Jobseekers in 2024
Stay Updated on Skills and Trends: The financial services sector is continually evolving. Jobseekers should stay informed on the latest industry developments by attending events, reading industry publications, and taking relevant online courses.
Network within the Industry: Networking is a crucial tool for securing opportunities in the financial services sector. Joining professional organizations, attending events, and leveraging LinkedIn can help jobseekers make valuable connections.
Be Prepared to Negotiate: With a shortage of skilled candidates, jobseekers are in a strong position to negotiate their salaries. It’s essential to do research, understand market rates, and be ready to advocate for your worth.
Looking Ahead to 2024
The financial services sector in Ireland is expected to continue facing skill shortages, particularly in compliance, risk, and other specialist areas. With increasing demand for roles in sustainability, financial advisory, and insurance, professionals who specialize in these sectors can expect a strong job market. Additionally, ongoing changes in regulatory frameworks and the evolution of the insurance market are likely to influence hiring trends moving forward.
