Overall, 2019 was a year in which we experienced growth across many areas including financial and regulatory reporting, business/restructuring change and compliance and we expect to see continued growth in these areas in 2020. In Ireland, we have seen growth in the South-East of Ireland with organisations continuing to explore the option of growing their operations outside of Dublin.
Increasing regulations continue to be a challenge for the financial services industry which will increase demand for risk and compliance for 2020. As we face another competitive year for talent, employers must look to ensuring attractive and competitive compensation packages. Flexible and remote working is very highly sought after by workers and although there has been a move towards this, organisations need to increase this benefit to retain a competitive status. Organisations need to move through their recruitment and selection process without delay to secure top talent and ensure that their total compensation packages are competitive.
One of the main challenges and areas spiking recruitment requirements within organisations, is the myriad of regulations that have been passed globally. Demand for compliance professionals with expertise relating to MiFID, AIFMD, and AML increased in 2019 and is expected to do the same in 2020 as well as an increased demand for Operational, Enterprise Risk and Financial Risk individuals. With the increase in risk and compliance as well as oversight for increased outsourced activities, in the area of fund management, we see the rise and growth of ManCo and Super ManCo firms, especially in Dublin.
Increased regulations, technology and AI also brings an increase in regulatory reporting, as well as technical and restructuring/change management. There is a modest growth expected for technical BA, PM and PMO roles as organisations increasingly look at changes in technology and business platforms. Knowledge and experience in Agile methodologies is becoming more highly sought after.
Demand for treasury, risk and regulatory individuals can be seen in banking across Ireland. Hiring freezes are still evident in this industry with fixed-term and contract positions being many organisations choice of fulfilling requirements.
There has been significant mergers and acquisitions across the insurance industry in Ireland across 2019. The economic climate gives rise to an increasing demand for skilled professionals, with a steady increase in pensions professionals. With this increasing demand, organisations will likely need to look at their benefits packages and consider more flexibility in relation to working arrangements.
With the introduction of current accounts, Credit Unions will be competing with the large global companies in Ireland for skilled professionals and may need to review their overall salary package to attract the best talent.
We have seen small yet steady salary increases over the last 12 months and this is expected to grow even more this year, especially with organisations seeking to attract candidates from London. With strong experience and higher salary expectations, talent from London will expect more than Irish candidates, so Irish employers will have no choice but to step up and compete with their UK counterparts.
Career progression is very important to financial services professionals with an interest in getting involved in additional projects and lateral progression. With the increase in contract positions on the market, employers must ensure that their salaries are high enough to entice people to accept a contract position rather than a permanent job. The attractiveness of bonuses, regarding the completion of contracts, must also be considered.
As we face another competitive year for talent, employers must look to ensuring attractive and competitive compensation packages. Flexible and remote working is very highly sought after by workers and although there has been a move towards this, organisations need to increase this benefit to retain a competitive status. Companies need to move through their recruitment and selection process without delay to secure top talent and ensure that their total compensation packages are competitive.
With such a focus on automation of processes, IT skills are very important in the Financial Services industry coming into 2020. With this being said, people skills are just as an important asset, if not more important this year. In a world of technology and social media, candidates are advised to work on soft skills due to the fact that employers are increasingly seeking individuals with negotiation and relationship building skills. This is especially true for those with an interest in managerial roles.
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