Revealed: The professions that will see 15pc pay hikes in year ahead as other salaries stay flat

A new survey by Irish-owned talent services firm Morgan McKinley has found more workers are to stay put in their jobs next year as the economy cools, a trend that will be welcomed by firms struggling to attract and hold on to staff.

Pay hikes are to keep pace with inflation at around 3pc next year. However, highly sought after tech workers, builders, planners, accountants, engineers and insurance specialists could see wages rise by up to 15pc, according to the survey.

More than two in three (69pc) hiring managers plan to raise salary offers for specific hard-to-fill roles in 2024, Morgan McKinley 2024 Salary Guide revealed.

But only around one in three (36pc) workers would actively consider moving jobs next year, down from well over half of workers this year.

The results show that people are becoming more cautious in the face of a global economic slowdown and are prioritising flexible working over pay.

Four in five Irish companies reported hiring challenges in 2023, the survey found, while 72pc said they had lost staff in the past six months because they couldn’t compete on pay and benefits, including flexible working.

The staff losses came despite 44pc of Irish firms increasing salaries over the last six months.

“The professional job market in Ireland faced significant challenges in 2023, characterised by fierce competition, talent migration, rising salaries, evolving job-seeker dynamics, skills shortages, changing work preferences, and a growing emphasis on transversal skills,” said Trayc Keevans, Morgan McKinley Ireland’s global FDI director.

“As we look ahead to the next year, the salary landscape for most professional fields appears set to remain stable. However, it’s important to recognise that this status quo will not apply across all professional jobs.

“Furthermore, we’re observing a notable shift in the job-seeking behaviour of Irish professionals, indicating that the ‘great resignation’ – a term coined to describe the surge in employees leaving their jobs – may be subsiding.”

Recently published data show the Irish and eurozone economies shrank in the three months to September, though inflation is slowing down sharply, which is good news for workers.

While overall pay will remain flat in 2024 – that is, rising prices will not wipe out wage increases in the way they did this year – specialist staff are likely to see inflation-busting pay hikes next year, Morgan McKinley predicted.

Life sciences and engineering professionals are among the most in-demand workers following massive foreign investment from the likes of global pharmaceutical firms BD, Siemens Healthineers and Boston Scientific this year.

Companies are especially seeking automation, process, project and R&D engineers, surveyors, construction managers, health-and-safety officers, and quality assurance specialists.

New civil engineering graduates can now command around €36,000 a year, with graduate quantity surveyors earning around €40,000.

Supply chain and procurement experts, including planners, could also be in line for significant wage hikes after firms had to use contractors to fill vacant positions in 2023.

Construction planners or schedulers with up to five years’ experience could now earn up to €60,000 a year.

But the biggest skills gap is for lower-level operator roles in the food and beverage industry, Morgan McKinley said.

Despite the difficulties that faced tech jobs at the beginning of the year – which included job losses in the Irish arms of Twitter (now X) and Facebook owner Meta – there is still a large demand for qualified workers in the sector.

While tech salaries are expected to stabilise on average next year, certain roles – including software and web developers, cloud engineers, cyber security experts, and data analysts – are in high demand and could see double-digit pay hikes.

Tech firms are also the most likely to offer fully remote working, which could help attract workers.

But the survey found that many firms are struggling to meet workers’ expectations on flexible working. In Ireland, 42pc of companies are encouraging people to come to the office more frequently, even as 50pc of people said they would take a pay cut in exchange for more flexibility.

Morgan McKinley surveyed more than 3,400 professionals and 650 firms across eight countries, including 1,028 employees and 75 employers in Ireland.