HR Contract - Connecting Cork€¦ · Web view50 destinations served from Cork International...

SOURCING YOUR MOST VALUABLE ASSETMARKET INTELLIGENCE REPORT: IFS SECTOR CORK

AUGUST 2017

— GO BEYOND —

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BENEFITS OF CORK

No 1 for Business Friendliness 542,000 population, only 2.5 hours from Dublin, direct access to EU markets, Ideally situated between USA and Asia-Pacific markets, 50% of population

under 35 years of age

Tier 1 Connectivity – USA – UK 100 Gbit/s fibre network via

Cork, New 10 MW co-location data centre development

Big on life – Compact city-living, Spectacular rural and coastal

environment, Festival city-region, Food capital of Ireland, Welcoming, cosmopolitan city

Office Rental – Highly competitive rates, In excess of 1 million sq. ft. of office space coming on-stream in Cork in the next 18

months, Gold and Platinum offices, Innovative co-working spaces

50 destinations served from Cork International Airport – 9 flights daily to

London, Regular to hub airports of Amsterdam, Paris and Manchester, Direct

flights to East Coast USA

Research Excellence – Financial Service Governance, Risk and Compliance Technology Centre, Financial Services Innovation Centre,

Centre for Research, Boole Business Labs

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CORK IN NUMBERS

30% plus lower residential costs in Cork compared to Dublin

The cost of living is 23% lower in Cork based on childcare and

rental costs only.

51,578 : Number of people in Cork who speak a language other

than English / Irish (CSO 2011)

Employer costs (pay and property) are 14% lower in Cork for a 20,000 sq.ft office with 200 employees compared to Dublin.

Cork has an impressive record in attracting industry, both FDI and indigenous. Cork is

home to household names on a global basis such as Apple, EMC, Johnson & Johnson, Boston Scientific, Stryker, Pepsi, Lilly to

name a few. (Source: PwC Report “Why Cork? Why Now?”)

60% of people get to work within 30 minutes Cork has a proven ability to attract and build industry “hubs”, such as Pharmaceutical,

Biotechnology, Cyber security and Financial Services.

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CORK: AN INTERNATIONAL FINANCIAL SERVICES HUB As a globally renowned centre for

specialist International Financial Services (IFS), Ireland is home to over 400 IFS companies of which over 200 are foreign owned, with a further 200 indigenous companies providing employment for over 40,000 people. As Ireland's second largest FS hub, Cork City offers IFS companies a real competitive solution. Connecting Cork, a collaboration between local stakeholders and industry leaders that is growing Cork's international profile, are inviting businesses to choose the southern capital as their hub for IFS.

University College Cork and Cork Institute of Technology provide highly-skilled, industry-ready graduates with over 30 finance and business related under graduate and post graduate courses held annually, catering for approximately 4,000 students.

A recent survey conducted in March 2017 of IFS companies in the Cork area, undertaken by Cork University Business School found that 100% of respondents rated Cork's educational institutions and skilled workforce as good or very good. 95% agree that Cork is a competitive location for IFS industry, 100% agree that Cork has the ability to attract and retain top international talent, and 95% agree that Cork has a superior work life balance to other locations.

In April of this year, it was announced that UCC are looking at Cork sites for a new UCC hub to accommodate an expanded Business School and many thousands of UCC students. Aiming to begin construction in 2018/19 to be ready for incoming students in 2020/21. UCC has said that it will be one of the country’s largest academic buildings, and aims to build flagship, world-class school for 4,500 students initially across UCC’s related business disciplines and departments.

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DEVELOPING LOCAL FINANCIAL SERVICES TALENT

Sample of Relevant Courses Offered

Accounting, Business Information and Analytics Systems, Commerce, Commerce International, Finance, Economics, Economics for Business Practice, Finance-Asset Management,

Finance - Corporate Finance, Financial Economics

Information Systems for Business Performance and Risk Management, Management and Marketing, Marketing Information and Managerial Accounting


Business and Management, Marketing, Business Studies, Accounting, Business Administration, Business Information Systems, Management


Accounting and Finance, Business Studies, HRM, Marketing Management, Marketing and Digital Strategy

Third level institutions in Cork, Limerick, Tralee and Waterford (all within commuting distance) have more than 66,000 students enrolled. University College Cork and Cork Institute of technology have over 30,000 students combined, producing a stream of highly qualified graduates across all fields.

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AVAILABILITY OF FINANCIAL SERVICES TALENT CORKPositions Number of candidates in the Cork market*

Fund Administration 3,064

Fund Accounting 3,372

Credit Analyst 3,454

Risk Manager 2,899

Transfer Agency Manager 1,283

Compliance Manager 1,202

Trustee Manager 2,119

Audit Manager 2,775

Corporate Recovery Manager 641

* Information sourced from Morgan McKinley global database

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BASIC SALARY COMPARISON BY LOCATION – FUNDSJob Title Dublin € Cork € London €* Frankfurt €

Fund Accountant (1-2 years) 26,000 – 30,000 23,000 – 27,000 40,000 – 50,000 30,000 – 45,000


Fund Accountant (5+ years) 35,000 + 35,000 + 74,000 – 86,000 55,000 – 70,000

Fund Supervisor 45,000 – 60,000 45,000 – 50,000 74,000 – 86,000 55,000 - 65,000

Fund Manager 50,000 + 50,000 + 86,000 – 171,000 60,000 – 100,000

Financial Reporting – Funds 40,000 – 70,000 35,000 – 50,000 57,000 – 114,000 45,000 – 90,000

Transfer Agent 26,000 – 38,000 23,000 – 35,000 34,000 – 57,000 40,000 – 50,000

*Currency Conversion 1 GBP = 1.14180 EUR as of 19/06/2017

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BASIC SALARY COMPARISON BY LOCATION – BANKINGJob Title Dublin € Cork € London €* Frankfurt €

Bank Officer 30,000 – 50,000 25,000 – 45,000 40,000 – 69,000 32,000 – 55,000

Credit Analyst 35,000 – 50,000 27,000 – 45,000 46,000 – 80,000 35,000 – 70,000

Branch Manager 65,000 – 90,000 60,000 – 85,000 74,000 – 114,000 70,000 – 100,000

Financial Adviser 35,000 – 55,000 32,000 – 50,000 46,000 – 91,000 40,000 – 80,000

Wealth Manager 50,000 – 100,000 45,000 – 80,000 69,000 – 114,000 60,000 – 100,000


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BASIC SALARY COMPARISON BY LOCATION – INSURANCEJob Title Dublin € Cork € London €* Frankfurt €

Insurance Administration 25,000 – 35,000 23,000 – 32,000 29,000 – 46,000 25,000 – 40,000

General Insurance account handler 30,000 – 40,000 25,000 – 32,000 34,000 – 57,000 30,000 – 45,000

Commercial Insurance account handler 32,000 – 60,000 28,000 – 45,000 40,000 – 69,000 35,000 – 45,000

Business Development Manager 35,000 – 60,000 35,000 – 55,000 40,000 – 69,000 55,000 – 110,000

Compliance Officer 30,000 – 60,000 30,000 – 50,000 57,000 – 80,000 45,000 – 90,000

Compliance Manager 60,000 – 120,000 60,000 – 120,000 80,000 – 114,000 65,000 – 110,000

Underwriter 32,000 – 50,000 30,000 – 45,000 40,000 – 80,000 45,000 – 90,000

Underwriting Manager 55,000 – 120,000 50,000 – 100,000 57,000 – 148,000 70,000 – 150,000

Broker Consultant 40,000 – 70,000 35,000 – 60,000 51,000 – 114,000 45,000 – 90,000


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FULLY LOADED SALARY COMPARISON – FUNDSJob Title Dublin € Cork € London €* Frankfurt €



Fund Accountant (5+ years) 38,763 + 38,763 + 85,054 – 98,847 66,550 – 84,700

Fund Supervisor 49,838 – 66,450 49,838 – 55,375 85,054 – 98,847 66,550 – 78,650

Fund Manager 55,375 + 55,375 + 98,847 – 196,544 72,600 – 121,000

Financial Reporting – Funds 44,300 – 77,525 38,763 – 55,375 65,515 – 131,029 54,450 – 108,900

Transfer Agent 28,795 – 42,085 25,473 – 38,763 39,079 – 65,515 48,400 – 60,500

Dublin: Fully Loaded Statutory Costs include Employer PRSI of 10.75%London: Fully Loaded Statutory Cost include Employer Social Security of 13.8% and Pension Auto Enrolment of 1% Employer contribution Frankfurt: Fully Loaded Statutory Cost Include Employment Social Security of 21%


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FULLY LOADED SALARY COMPARISON – BANKINGJob Title Dublin € Cork € London €* Frankfurt €

Bank Officer 33,225 – 55,375 29,903 – 49,838 45,975 – 79,307 38,720 – 66,550

Credit Analyst 38,763 – 55,375 33,225 – 49,838 52,871 – 91,950 42,350 – 84,700

Branch Manager 71,988 – 99,675 66,450 – 94,138 85,054 – 131,029 84,700 – 121,000

Financial Adviser 38,763 – 60,913 35,440 – 55,375 52,871 – 104,594 48,400 – 96,800

Wealth Manager 55,375 – 110,750 49,838 – 88,600 49,307 – 131,029 72,600 – 121,000



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FULLY LOADED SALARY COMPARISON – INSURANCEJob Title Dublin € Cork € London €* Frankfurt €

Insurance Administration 27,688 – 38,763 25,473 – 35,440 33,332 – 52,871 30,250 – 48,400

General Insurance account handler 33,225 – 44,300 27,688 – 35,440 39,079 – 65,515 36,300 – 54,450

Commercial Insurance account handler 35,440 – 66,450 31,010 – 49,838 45,975 – 79,307 42,350 – 54,450

Business Development Manager 38,763 – 66,450 38,763 – 60,913 45,975 – 79,307 66,550 – 133,100

Compliance Officer 33,225 – 66,450 33,225 – 55,375 65,515 – 91,950 54,450 – 108,900

Compliance Manager 66,450 – 132,900 66,450 – 132,900 91,950 – 131,029 78,650 – 133,100

Underwriter 35,440 – 55,375 33,225 – 49,838 45,975 – 91,950 54,450 – 108,900

Underwriting Manager 60,913 – 132,900 55,375 – 110,750 65,515 – 170,108 84,700 – 181,500

Broker Consultant 44,300 – 77,525 38,763 – 66,450 58,618 – 131,029 54,450 – 108,900



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LABOUR MARKET INFORMATIONLabour Operating Environment Ireland UK Germany

Employer Social Taxes 10.75% 13.8% 21%

Statutory Annual Leave (Days) 20 annual leave days plus 9 paid public holidays

20 annual leave days plus 8 paid public holidays

20 annual leave days plus 9 public holidays

Statutory Pension Contributions

Not Statutory Statutory at 2% contributions made by the employee (0.8%), the employer (1.0%), and the government (0.2%)

Paid by social security

Statutory Healthcare Contributions

Not Statutory Statutory Healthcare applies, but is funded through the general taxation system

Paid by social security (7.3% employer cost and 7.3-8.5% employee cost)

Sick Leave Not Statutory Statutory up to 28 weeks paid by employer

Statutory up to 6 weeks paid by employer.

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LABOUR MARKET INFORMATION (CONTD)

Labour Operating Environment Ireland UK Germany

Min. Notice Period 1 week: <2 years2 weeks: 2-5 years4 weeks: 5-10 years

< 2 years: 1 week> 2 years: 2 weeks +1 week for each complete year (up to a 12yrs)

< 2 years: 4 weeks prior to either the 15th or the last day of the next month;2 - 4 years: 1 month prior to the last day of the next month;5 to 7 years: 2 months prior to last day of the next month;8 to 9 years: 3 months prior to last day of the next monthNote this operates on a tiered scale and exceeds 20+ years

Maternity Leave 26 weeks statutory pay from the State. A further 16 weeks unpaid leave can be taken

39 weeks of statutory pay is provided by the employer

14 weeks. An additional 4 weeks for premature birth, paid by employer

Paternity Leave Statutory Paternity Leave:Up to 2 weeks paid by State.

StatutoryPaternity Leave: Up to 2 weeks

Statutory parental leave applies until a child turns three. Employees are not obliged to work during this period. Their job remains open and contract cannot be terminated by employer. Parental leave can be taken by the mother and father individually or jointly. Paid by state benefits.

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CONTACT DETAILS

WE ARE MORGAN McKINLEYGO BEYOND

Bryan Hyland, Operations Director [email protected]

+353 21 2300 300 | +353 86 2268 200

morganmckinley.com

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HR Contract - Connecting Cork€¦ · Web view50 destinations served from Cork International...

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