Top 10 salary increases in Ireland for the year ahead 

Professionals in Ireland have continued to navigate turbulent waters in the ever-evolving world of work. The rapid progression of AI, skills shortages and varying ways of working are creating unfamiliar challenges – as well as opportunities for success – for employees and hiring managers alike. It’s imperative to keep up with the changing labour market or risk falling behind the competition as we go into 2024.

The rising cost of living has influenced key changes over the past year; it’s been a key driver of salary increases for many. At the same time, employees are battling with the decision of whether to move roles for a pay rise or continue in their current position in the hope it will provide them with more job security.

Our 2024 Salary and Recruiting Trends Guide surveyed almost 1,500 professionals across 13 industries in Ireland, pooling valuable insights into salary fluctuations, hiring trends and more.

Our research answers some crucial questions:

• Which roles have seen the most significant pay rises?
• What’s driving these increases?
• What’s the outlook for employee movement in 2024?

The rising cost of living is driving salary increases 

Almost four-fifths (79%) of employers increased their employees’ salaries in the past year, over half (57%) of whom cited the mounting cost of living as the principal reason for this. Other factors include skills shortages and inflationary pressures. Over three-quarters (76%) of employers anticipate salary increases in the year ahead. 

Salaries have increased by an average of 3.6%, which begs the question: are pay rises keeping up with the cost of living? Our survey findings would suggest not. Almost half (49%) of employees say the current cost of living is making them more inclined to look for a new role, with almost two thirds (64%) of these saying their salary doesn’t sufficiently cover their living expenses. 

In-demand professionals received above-average pay rises

Some industries saw more notable salary increases than others. These are often the result of extreme skills shortages, which are compelling organisations to make their offering more attractive in a bid to attract and retain top talent in the face of fierce competition. Accountancy and finance (5.5%), legal and company secretarial (4.7%), technology (4.3%) and insurance (4%) were the five professions that exceeded the overall average increase of 3.6% across all sectors.

Although not the highest paid jobs overall, our list of top jobs in Ireland are the roles that have seen the most significant pay increases over the past 12 months. 
 

Appetite for movement remains strong 

Employee movement looks set to continue on an upward trajectory in the year ahead, with over half (53%) of employees planning to change jobs in the next 12 months, an increase from 51% the year prior. Those who moved roles in the past year cited a lack of career progression (40%), limited development opportunities (38%) and the job being unfulfilling (29%) as the top three reasons, so job satisfaction and loyalty evidently come down to more than just remuneration. That said, pay is still a key driver for over half (57%) of people looking to leave their current employment. 

Attracting and retaining talent remains imperative 

Our research highlights the importance of efficient application and interview processes to candidate attraction, with almost two-thirds (64%) saying they’ve been put off pursuing a job application after receiving a poor initial impression of an organisation. Reasons for this include the process taking too long, an undesirable location, and a lack of communication throughout. Employers should ensure smooth, quick and communicative procedures, or risk dropouts. 

Securing top talent and holding onto current employees is at the forefront of employers’ minds, especially since almost all (94%) have struggled with skills shortages in the past year. Despite the number of employees looking to move jobs now reaching pre-pandemic levels, candidates remain firmly in the driver’s seat. Hiring plans for the year ahead have reached a five-year high – now at 90% – so we’re set to see a buoyant labour market over the next 12 months, with heavy competition between employers and job opportunities aplenty. 

Find out more about how salaries and employment trends are changing by checking out our Hays Salary & Recruiting trends guide here.