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Confidence has grown in the Irish IT market, with 58% of IT professionals saying they feel optimistic about jobs and salaries in the next year. Only 17% of professionals said they were currently expecting job losses or salary cuts before 2012, according to new research by IT recruiter Greythorn (part of FiveTen Group).
Mark Gray, Senior Consultant at Greythorn, commented "during the crash, many employers put their focus on internal promotion rather than active recruitment in order to keep their heads above water. But employers are now realising failure to invest in the IT function comes with a big long term cost. Companies hoping to expand need a modern and flexible tech infrastructure and as the recovery gets underway, this has generated strong demand for those with the right expertise."
Annual salaries in the sector have risen in 2011 by +3,660 Euro to 51,500 Euro, a +7% increase. Across Ireland, salaries dropped by -1.3% in the first quarter of 2011 .
The research shows the number of job vacancies in IT has risen by +45% in the last 12 months, compared to a rise of +29% across all professional occupations . This compares favourably with the UK, where the outlook for jobs fell in Q3 2011 and IT salaries rose by only +3.1% .
Gray continued "the fiscal challenges faced by Ireland mask what is in fact a strong market for IT jobs. Salaries are rising much faster than the rest of the economy. We're finding it harder to find qualified candidates than roles for them to fill."
"The laws of supply and demand are pushing up salaries. The number of staff available is falling as many IT professionals have left Ireland to find what they consider to be more lucrative or more secure positions in the UK and Australia. Those who remain are in a strong position to move and find new roles with higher salaries. Add to that the overall growth in the market for professional jobs in Ireland and it's clear conditions for a skilled minority are currently very good."
The intensity of demand for hi-tech jobs in Ireland was outlined by ICT Ireland this month who stated there are currently over 3,500 vacancies for IT & professionals in the country . ICT Ireland also pointed out the importance of the tech sector to the Irish economy, stating half of the country's top ten exporters are ICT companies and that the sector comprises 8,000 companies in total.
Paul Winchester, Managing Director of Greythorn, said "Ireland is still a great place for IT firms to do business and this shows in the number of companies located here. Ireland benefits from a highly motivated and well educated workforce which is tech-savvy. Nine of the top ten global technology firms have a significant presence in Ireland, as well as the top five international software companies. Opportunities abound for IT workers in Ireland at the moment and the optimism generated by their latest salary rise is certainly not misplaced."