Excel salary survey shows that pay is stagnant for first time since 2001
Starting pay will come down and performance related bonuses are dead in the water in 2009, according to the latest survey from Excel Recruitment
Print9 February 2009
Retail recruitment firm Excel Recruitment has produced its annual salary survey, mapping trends across the grocery, non-food, fashion, electrical, telecommunications and textiles sectors.
In its executive summary the report highlights three key areas of difference this year, notably that: salaries have become “stagnant” for the first time since 2001; companies are advertising new vacancies at lower salaries than before; and candidates are becoming “more realistic” in their salary expectations.
Barry Whelan, managing director at Excel, comments: “Over the last number of years there has been big changes in the starting salaries offered to trainee managers with no experience, now we’re seeing a big reduction in that. Last year offers averaged at 26k, whereas this year it has fallen back to 23k.”
Whelan also states that performance related bonuses are “gone”, due mostly to poor sales performance. He says that unless action is taken to reduce the cost of doing business in Ireland, regaining competitiveness will be impossible. As labour represents a significant cost to businesses, lowering the minimum wage will have to be a major factor in addressing the situation, he says.
“The Northern problem is not going to go away. Unless there is a sudden change in the sterling value to reverse things, it’s the most obvious solution.”
The cost of labour in Ireland is currently approx €3 per hour more expensive than in Northern Ireland.
The survey also revealed a major lack of job vacancies in the northern half of the country. “If you draw a line across Ireland from Sligo to Balbriggan in Dublin, there’s nothing north of the line,” said Whelan.
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