A new survey from the Association of Compliance Officers of Ireland (ACOI) finds that 74% of financial services firms expect recruitment in sector in 2021 and 70% say pay and/or benefit cuts are not on the cards.
The survey of 250 organisations – answered by ACOI members with responsibility for compliance in financial organisations throughout the country, sought to gain an insight into the outlook for the sector as it moves further into 2021.
In September 2020, 26% of respondents to the same ACOI survey agreed they could be facing pay cuts in the coming months, while 23% had already experienced such cuts. Approximately 50% of businesses, at that time, had not experienced pay cuts or cuts to benefits and were not expecting them in the near future. However, 6 months on and 70% of respondents say that they do not expect pay cuts and/or cuts in other benefits to be implemented in their business in 2021.
Commenting on the findings, CEO of ACOI, Michael Kavanagh said, "Amongst the slew of fairly bleak news at the moment, these results shine some positive light on the prospects for Ireland’s financial services sector. We were greatly encouraged to find that positive sentiment towards recruitment has improved again since September, when we last put this question to our members, with 10% more respondents believing that the sector would recruit this year up from 64% to 74%."
He added, "While there is certainly trepidation and uncertainty out there, the survey does portray a sense of cautious optimism that hiring of staff can get up and running again, perhaps now that some of the deepest uncertainties triggered by the pandemic, and indeed Brexit, have begun to ease."