147% increase in the number of Tax vacancies in the first 5 months of 2017
In the first 5 months of 2017, we have seen an increase of 147% in the number of Tax vacancies we are sourcing for when compared to the same period in 2016 while the total number of vacancies has shown a slight decrease over the same period.
We have set-out below a more detailed analysis of the trends within some of our key market segments;
There continues to be an high level of activity within the Qualified Accountant market in the Mid-West with a 3% increase in the number of vacancies over the same period in 2016. However, for the first time in many years, the number of Permanent vacancies over this 5 month period was the same as the number of the temporary/contract vacancies; this shows the tightening of the Qualified Accounting & Finance market with Hiring Managers seeking stability in their teams by offering permanent positions as opposed to temporary/contract roles.
We have seen more an increase of 147% in the number of Tax vacancies arising in the first 5 months of 2017 vs the same period in 2016. This is a reflection of the change within the economy with all Accountancy Practices experiencing a surge in both the compliance and tax planning areas over the past 18 months and this shows no sign of abating in the foreseeable future. In addition we have seen an increase in the number of vacancies in Industry seeking Tax Accountants for VAT/Indirect Tax vacancies within their own tax teams and the associated challenges of sourcing individuals in the Mid West who have the relevant skill-set/experience.
We have also seen a 40% decrease in the number of Accounts Assistant vacancies over the same period (ie Jan-May 2017 vs 2016). This decrease has predominately been in the number of contract vacancies coming onto the Jobs Market over this period and was a reflection of the ‘spike’ in the number of vacancies coming onto the Market in the first 5 months of 2016. We expect the current numbers of vacancies to continue as finance teams within organisations have converted a significant number of individuals in contract positions into permanent employees over the past 12 months and there is currently low staff turnover from permanent positions in this section of the market.
Within the Qualified Accountant section of the market, there are signs that the salary levels being paid for Qualified Accountants with up 3 years experience is increasing. While the vast majority of vacancies still cluster between the €44,000 – €60,000 p.a. salary range, we have seen that some companies within Aviation Leasing are paying a premium of up to 10% to attract the profile of individual they wish to join their finance teams. More recently we have seen a premium of 25% on average salaries being paid by some organisations for individuals to take up short-term contracts (ie 6 months +).
Given the increase in vacancies for Tax Accountants and the short supply of individuals with the skill-set/experience actively seeking new opportunities, we have seen salaries increase by as much as 20% over the first 5 months of this year. The biggest challenge continues to be the is the availability of people seeking a career move as the continued increase in vacancies coming onto the market means that demand will outstrip supply for the foreseeable future.
As with Qualified Accountant and Tax Accountant salaries, we have also seen an average increase of up to 4% in the salaries being commanded by Accounts Assistants. Once again this is a reflection in the demand for experienced individuals to take up these vacancies within predominately Multi-national organisations.