Ireland Spotlight - City Horizons 2018 - Navigating BREXIT & Talent Management
The recently published City Horizons 2018, by Barden’s partner firm BRUIN Financial, examines the current landscape of the financial services recruitment market, to provide hiring managers with an overview of current trends and the market intelligence to retain and attract top talent.
The publication takes a close look at a number of different aspects (further info below) and includes a special feature piece on Ireland. The “Spotlight on Ireland” is brought to you by Stephen McManus, VP, Manager with BRUIN Financial (Ireland).
Spotlight on Ireland
Ever since the 1990s, when business-friendly reforms heralded the rise of the Celtic Tiger and a decade of double-digit growth, Ireland has had some very attractive business incentives to offer, from low taxes, to its regulatory environment, and access to the single market.
Ireland is now the fourth largest provider of wholesale financial services in the EU with more than 250 of the world’s biggest financial services players, including half of the world’s top 50 banks. And since 2016, the Government has prioritised making Ireland as attractive as possible.
The Aftermath of Article 50
In the immediate aftermath of Article 50 being triggered it was insurance firms making the most noise in Ireland, with Legal & General and Standard Life Aberdeen amongst the first companies to pick Ireland as a post-Brexit base against stiff competition from rival centers including Luxembourg, Frankfurt and Paris.
Over the last few years client demand has predominately been on the buy-side, with half of the Central Bank’s Brexit applications from asset managers. The majority of firms seeking to set up units have typically employed 20-50 people to demonstrate that they have substantive operations, which mainly comprise staff in compliance and distribution, but we have also noted increased demand for roles across risk, investment analysis and portfolio management.
Recruitment in Ireland: Opportunities & Challenges
Ireland is soon to be the only English-speaking common law country in the EU, with a highly skilled workforce of some 42,000 people directly employed in financial services across the country. In addition to Ireland’s traditional strengths in insurance, asset management and certain aspects of the international banking sector, significant investment is also being made into disruptive industries such as FinTech, RegTech and InsurTech, designed to future proof the market.
Ireland’s Allure as a Post-Brexit Base
However, Ireland’s allure as a post-Brexit base for global financial firms has driven wages upwards for certain roles considerably, with some positions offering up to 15% more than a year ago, particularly in niche areas such as risk and compliance. And upwards pressure on remuneration is likely to continue, with the central bank expected to approve more firms’ expansion plans in the coming months.
Coupled with new legislation within banking and insurance, demand is often for the same talent. As a result, the market is very candidate driven, particularly at the senior end, making counter-offers almost inevitable. Organisations are having to move increasingly quickly and become more competitive, not just in terms of remuneration, but also reviewing their incentives to focus on flexibility, work environment and opportunities for career progression.
About BRUIN Financial (Ireland)
Earlier this year, BRUIN entered into a partnership with Ireland-based finance recruiter Barden, to provide high quality specialist recruitment services into the Irish financial services sector. With offices in Dublin and Cork, BRUIN Financial Ireland enhances the range of services that we provide to our clients and candidates and offers them strong continuity even in the wake of Brexit uncertainty.
BRUIN provides expert, advisory recruitment services across insurance, asset management & banking. We work with world class teams in leading financial services institutions globally, bringing the business methodology of executive search to the contingent market place. Whether it’s a new job or building a successful team, our recruitment experts are ready to advise you on your professional future.
For more details on current opportunities or information about the Irish financial services market, please contact Stephen McManus.
City Horizons 2018– As mentioned above the publication takes a close look at a number of different aspects including investment banking; asset management; insurance; client demand pre & post referendum; demand for contractors post result; local vs international talent; remuneration & benefits; demand in European financial hubs and includes a special spotlight on Ireland. To download your copy of City Horizons 2018 click here.
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