Information Technology Market Update Q1, 2020

January 10

Overview/Year in review

The Digital and Technology market continues to grow apace. The market has become increasingly candidate-driven, with fears that the growing skills deficit across Europe will impact the speed at which technological developments can be made by FS organisations.  Salaries as well as daily contract rates have risen by a further 10 per cent this year as compared with last year in the most in-demand verticals including AI, Engineering, and RPA. Cyber- and Information Security remain top of the most sought-after skillsets as new cyber-attacks targeting large and smaller organisations occur daily.

Ireland has become an incubation hub for many innovative and disruptive FinTech organisations, many of them offering the opportunity to collaborate with the more established Financial Services firms – a great way to access new talent and technology. In turn, and with the presence of the major pillar technology and unicorn companies, inward migration to Ireland from Europe continues, hopefully narrowing the current skills gap in certain areas.

The majority of technology-led organisations see AI as posing the biggest skills shortage over the next 12 months as these organisations look to evolve, to introduce innovation, and also to improve both effectiveness and efficiency, particularly in cost-sensitive and customer-facing areas.

Contracting has become more prevalent as confidence in the market continues to grow, and more permanent people now see a move to more lucrative and short-term contract positions as a viable option. The skills gap in certain areas continues to push organisations to use contractors as short-term and project-specific solutions as they address permanent hire issues.

Salaries and benefits

2019 has seen an increase across the board in both salaries and daily-rate contracts. The areas that have seen the greatest growth in salary levels are Data Science, Development, and PMO, as organisations seek to better leverage their data, typically using it for transformational measures. Flexible/remote working remains high on the agenda for people when seeking new roles, as do better healthcare and pension packages.

The year ahead

As organisations continue to become more technology-led, 2020 will see Ireland remain the number 1 place in Europe for Technology professionals. R&D hubs such as Galway, Cork, and Limerick will see growth in Technology incubator hubs and start-ups as more and more VC capital continues to flow into the wider country and not just into Dublin. The numbers of professionals migrating to Ireland will continue to remain steady and may even see a large increase as Brexit becomes a reality.

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