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21/04/2008
Perks Drive Recruitment
A leading Irish recruitment specialist, Hudson, has released a survey that predicts slower but steady growth in salaries for remainder of 2008 - and an emphasis on lifestyle over salary.
The Dublin-based professional recruitment company predicts that salaries in Ireland for the rest of 2008 will remain strong as the market is still driven by candidates. Many companies, particularly in the financial services and IT area, are taking a more creative and tailored approach to remuneration packages by building in lifestyle perks to suit the candidate.
These range from the more traditional extras like better pension plans, further education, health cover, flexi and holiday time and gym membership to more unusual benefits like onsite crèches, free bicycles to cycle to work, free housekeeping and dry cleaning services.
However, the survey warns that many companies will focus more on consolidation rather than continued growth in the medium term.
Specifically, the survey notes that in accountancy and finance the shortage of quality candidates means increasing pressure for potential employers to offer lucrative packages and "lifestyle perks" to attract the best talent.
It states that the growth curve in banking stabilised in 2007, with companies recruiting very selectively and competition between companies wishing to recruit the same candidate very apparent, with the trend for "counter-offering" becoming more common.
According to the survey: "The biotechnology sector in Ireland is now fulfilling its promise to become one of the key sectors to create a high-tech research and industrial base," and the IT marketplace is also in good shape.
Peter Cosgrove, Managing Director of Hudson's Irish operation said: "While salaries are important, it is obvious that to recruit and retain staff many other factors are being examined.
"Many companies are now offering performance related bonuses where individual effort and achievement is recognised while soft benefits include contributions to further education and training, company child-care facilities, extra holidays and technology.
"It is also clear that the new breed of worker we call 'Generation Y' - those born since 1980 - have a different way of looking at work and certainly are more concerned about what work can do for them as opposed to just being happy to be employed."
(BMcC)
The Dublin-based professional recruitment company predicts that salaries in Ireland for the rest of 2008 will remain strong as the market is still driven by candidates. Many companies, particularly in the financial services and IT area, are taking a more creative and tailored approach to remuneration packages by building in lifestyle perks to suit the candidate.
These range from the more traditional extras like better pension plans, further education, health cover, flexi and holiday time and gym membership to more unusual benefits like onsite crèches, free bicycles to cycle to work, free housekeeping and dry cleaning services.
However, the survey warns that many companies will focus more on consolidation rather than continued growth in the medium term.
Specifically, the survey notes that in accountancy and finance the shortage of quality candidates means increasing pressure for potential employers to offer lucrative packages and "lifestyle perks" to attract the best talent.
It states that the growth curve in banking stabilised in 2007, with companies recruiting very selectively and competition between companies wishing to recruit the same candidate very apparent, with the trend for "counter-offering" becoming more common.
According to the survey: "The biotechnology sector in Ireland is now fulfilling its promise to become one of the key sectors to create a high-tech research and industrial base," and the IT marketplace is also in good shape.
Peter Cosgrove, Managing Director of Hudson's Irish operation said: "While salaries are important, it is obvious that to recruit and retain staff many other factors are being examined.
"Many companies are now offering performance related bonuses where individual effort and achievement is recognised while soft benefits include contributions to further education and training, company child-care facilities, extra holidays and technology.
"It is also clear that the new breed of worker we call 'Generation Y' - those born since 1980 - have a different way of looking at work and certainly are more concerned about what work can do for them as opposed to just being happy to be employed."
(BMcC)
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