Job flow across the national technology market has been exceptionally strong over the course of the second quarter:
Data has established itself as one of the main focus areas for hiring across all sectors. The enactment of GDPR has played a big role in this, with IT Security specialists continuing to grow in demand. With businesses facing a high risk of severe financial penalties by being negligent in managing and protecting personal data, there has subsequently been hasty hiring activity of top tier professionals to meet these new regulatory standards.
On a broader outlook, the Irish market is as diversified as any time in recent memory, with both companies in the Multinational and SME sector continuing to scale their technology function. There have been a number of positive job announcements, reflecting an overall buoyancy in the marketplace. Most notably, Amazon are expanding their Dublin operation; announcing 1000 new jobs with Amazon Web Services. Regionally; Jaguar Land Rover in Shannon, ForcePoint in Cork and Cisco in Galway have also contributed to the positive news with their respective job announcements.
The market in Q2 continued to experience a significant shortage of experienced technology professionals, with many businesses looking to further evolve their employee value proposition in an effort to attract the right talent.
Data Analysts have been, and will continue to be, high in demand, with exposure to Big Data frameworks such as Hadoop and Spark viewed as the most sought after competencies. Full data science life cycle is also desirable along with good knowledge of data science and statistics tools. Data Analysts who can demonstrate the ability to solve complex data problems or can work with highly complicated data sets will remain highly sought after across the board. Having experience working with highly confidential data is also a plus.
Hiring of Security Engineers has substantially risen, particularly in mid to senior level roles, with companies looking to grow their teams and fill key management positions. Employers are predominantly in search of Security Engineers who are confident in working within large scale environments with a strong understanding of critical security practices, vulnerability management reporting and tracking.
Challenges and changes in the market
The steady flow of new entrants to the market, along with unprecedented growth in domestic businesses has lead to an all-out war for talent. Tech professionals bearing the most desirable skill sets are still available, and are as keen as ever to work with the latest and greatest technologies.
But unfortunately for the employer, the current supply does not meet the demand and businesses are being advised to act quickly on talent of interest. Ultimately, the businesses that act quickest are seeing a higher success rate in securing the desired talent.
There has been an industry wide shift towards improving ‘Comps & Bens’ packages. Work life balance, or more specifically flexible working, is becoming a USP for many multinationals as they attempt to rival with their startup and SME counterparts in this space. We have seen a number of clients revamping their benefits packages, from outdated offerings to something that is more meaningful for their current and future employee base.
Retaining top talent continues to be an industry-wide challenge. We forecast that businesses will look to further grow their benefits packages in Q3, in an effort to reduce their attrition rates and gain competitive advantage in the hiring market. Rising remuneration levels should be expected across the board.
Seasonal factors (the summer holiday season) will result in a slowdown in hiring activity throughout July and August. But businesses who have proactively set contingency plans in place, to ensure their hiring processes are not affected, should ultimately secure poll position in the race for top talent for the remainder of Q3.