Irish professional jobs market remains competitive July 2010 [press release]

Aldagh McDonogh 23.07.2010

Irish professional jobs market remains competitive this month.

  • July 10 saw a 7% month-on-month decline in the number of new professional jobs coming to the market in Ireland, compared to June 10
  • When compared to the same month last year, there was a 52% increase in new professional jobs – the largest monthly year-on-year increase since May 07
  • The number of professionals entering the jobs market in July 10 fell by 3% month-on-month
  • Compared to the same time a year ago, there was a 41% increase in professionals who began looking for work in July 10


New job opportunities for professionals in Ireland fell by 7% in the month from 5,669 in June 10 to 5,283 in July 10 according to the Premier Group Irish Employment Monitor. Compared to the same time last year however, this was a 52% increase in new professional jobs rising from 3,467 in July 09 to 5,283 in July 10.

The volume of professionals looking for new career opportunities has decreased by 3% from 12,480 in June 10 to 12,145 in July 10.  Year-on-year however, there was a 41% increase in new professionals entering the jobs market, increasing from 8,615 in July 09 to 12,145 in July 10.

Brian Murphy, CEO of Premier Group Ireland, commented:
“Being 52% ahead of July 09, July 10 saw the largest year-on-year increase in monthly professional job opportunities since May 2007. While this is certainly a step in the right direction, job opportunities are still a long way short of pre-downturn levels.  It must also be taken into account that July 09 was the lowest month in terms of new jobs coming on to the market in all of 2009. The delicate nature of the recovery in the Irish jobs market is further illustrated by the 7% drop in new opportunities in July 10 over June 10. However, this is partly due to seasonal factors with hiring activity traditionally slower during the summer months.

“Certain niche areas in the marketplace have got busier over the last couple of months. We have seen a noticeable increase in demand for finance professionals, particularly those working within Financial Services. Demand is strong at the mid to senior level in asset management and there is continued hiring within risk and compliance, driven by increased regulatory requirements following the global financial crisis. Also, candidates with solid experience in top tier accountancy firms have been particularly sought after recently. While this increase in demand is positive, the opportunities are presenting themselves in specialist areas and the general Financial Services sector continues to face challenges as we enter H2 2010.

“Over the last few months we have seen the number of new job opportunities fluctuate somewhat, although the general trend is certainly upwards compared to last year’s figures. A number of factors have influenced the appetite of employers to hire recently including worries about the Eurozone economy, sovereign debt levels and faint fears of a “double-dip” recession. When seasonal factors are added to this cocktail of variables it is understandable that employers are taking more time to make hiring decisions. That said we remain optimistic that the general upward trend in opportunities will continue in H2.

“July 10 saw a small 3 % decrease over June 10 in the number of new professionals seeking opportunities in the market. Taking a year-on-year view, there was an increase of 41% in new professionals placing themselves on the market as against July 09. There are certainly vacancies available but the market is competitive and niche skills, sector-specific experience and relevant qualifications remain important attributes for successful candidates.”

- ENDS -
Notes to editors

About the Premier Group Irish Employment Monitor

The Premier Group Irish Employment Monitor measures the pulse of the Irish professional jobs market by tracking the number of new job vacancies and new candidates within the Republic of Ireland each month. The first Premier Group Irish Employment Monitor was launched in May 2009 with data from April 2008 onwards.

Statistical methodology

Monthly new jobs and new candidates

Monthly new jobs and new candidate figures are based on Premier Group’s own monthly records of new permanent job vacancies and new candidates registering with the firm for permanent employment. Statistics for the full market are derived using Premier Group’s own market share.

Job classification

Job vacancies are professional level roles within the following sectors and functions: banking & financial services, commerce & industry finance, insurance, public practice & tax, legal, HR, IT, life sciences, engineering, process & manufacturing, professional services, sales & marketing, customer service, secretarial & office support.

Geography

The data is based on new job vacancies and new candidates registered with Premier Group’s network of Irish offices in Cork, Dublin, Kilkenny, Limerick and Waterford.

About Premier Group

Premier Group is Ireland's leading recruitment consultancy with offices in Cork, Dublin, Kilkenny, Limerick, and Waterford. Internationally, the Group operates from 24 offices across eight countries. Subsidiary brands within Premier Group in Ireland include Accreate Executive Search & Interim, Brunel, la crème, Premier, and Verkom. Morgan McKinley and iQ selection also form part of the Premier Group outside of Ireland.

Morgan McKinley London Employment Monitor

Premier Group currently publishes a similar monitor in London under its subsidiary brand name, Morgan McKinley. The highly-regarded Morgan McKinley London Employment Monitor was launched in 2004 and reports on the new roles, candidates and salaries within the financial services jobs market in London each month.

Transformation Director
amcdonogh@morganmckinley.com