In regards to global mobility in the financial services sector, the net migration number has certainly increased, however the volume of returning professionals is expected to gather pace once Brexit plans have been confirmed and clients have more structured hiring plans in place.
Employers within the financial services sector view inbound talent mobility as a positive trend, however they are putting much of their focus on the potential for returning talent to Ireland, whereas outward migration is a growing concern which will continue to be a trend among young professionals especially for some time to come. Many global firms are responsible for encouraging this due to their comprehensive global mobility plans.
Within Financial Services, the most sought after global skills and experience are without a doubt fund accounting, project management, risk management and compliance. Those interested in relocating from Ireland are mainly heading to other parts of Europe, UK, Canada and Australia. The reasons they would choose to stay within the EU is that it’s close to home, there are similar skill sets required and no need to get a work permit in most cases. For those travelling further afield, the pull factors in regards to the destinations above would be that they’re English speaking, have similar markets, excellent career opportunities and an overall good quality of life.
In terms of the type of financial professional looking to relocate, it comes as no surprise that it is those who are more junior and in particular millenials who are more mobile. They are generally keen to travel and experience new cultures, whereas those in more senior positions are less open to relocation from a personal perspective, as they often have ties to consider such as families, houses and other commitments.