June Employment Monitor | Professional jobs sector remains buoyant

June Employment Monitor | Professional jobs sector remains buoyant

Stuart Curran 12.07.2017

The number of professional job vacancies increased by 19% in June compared to the same month a year ago and by 5% sequentially since May, according to the Morgan McKinley Ireland Monthly Employment Monitor. Morgan McKinley is a wholly Irish owned multinational professional services recruitment company.

There were -6% fewer professionals seeking jobs in June compared to May, although annually there were 4% more seeking jobs than in June last year.

Highlights:

  • Continuously strong growth in the ICT sector where there is demand for specialised skill sets including software engineering and cyber security. The demand for IT skills has propagated across all sectors of the economy where digital functions and roles form a key aspect of organisational management and new business development.  A shortage in senior User Experience (UX) specialists is indicative of increased consumer activity where companies are acting to better meet customer needs in an increasingly online economy.
  • In Financial Services, there is strong demand for risk and compliance professionals, 
  • specialists in consumer protection, credit control, quantitative analysis, data analysts and recently qualified accountants as well as experienced accounting professionals.
  • In the wider business and administrative services areas, there is demand for people with multilingual skills and most notably at present the German, Nordic, Dutch and French languages. This is for roles of various ranks across all disciplines. 
  • HR professionals remain in high demand and particularly those with specialisms in organisational design, compensation and benefits as organisational culture and workplace flexibility remains a high priority for businesses and employees alike.

Morgan McKinley Ireland, Director of Inward Investment, Trayc Keevans commented:

“We’re seeing consistent growth in the professional jobs market in equal measure across the domestic and multinational employment sectors and this is also in line with recently released IDA Ireland figures for the first half of 2017 which shows a 22% year on year increase in jobs created. 

“On the basis of our current direct experience at all levels of professional services recruitment, and across multiple sectors, we agree with projections that the headline unemployment rate in Ireland will fall below 6% by year end.

“The moderate reduction in the number of job seekers in June, compared to May, is largely seasonal in nature as there is usually less mobility and attrition to be seen in the market at this time of year. Nevertheless we predict continuing buoyancy in the professional jobs market into 2018.

“It’s still too early to say if these positive indicators are related to inbound Brexit. Many companies in the financial services sector are simply maintaining their currently strong levels of employment as opposed to overtly expanding. However, we are currently advising a number of multinational corporations in relation to their future intentions for Ireland.

“The economy has clearly rebounded on a very elastic basis, which brings some legitimate concerns, but in saying this we also see continuing stability with ongoing growth and development and no immediate downside in prospect. 

“The big task for our economy now is to see how we can create enduring sustainability to support all of these positive factors when there is increasing pressure on the infrastructure and resources required to underpin and maintain national competitiveness.  

“We are also encouraging our clients to consider placing hub and spoke style operations in regions and towns outside of the major cities. This will help to attract new talent from within the regions, it will cater for employees who may wish to relocate, return to Ireland or participate in flexible working arrangements and it will support a more equitable distribution of the benefits of our economic recovery.  As part of this, companies are establishing linkages with academic institutions and creating bespoke education programmes to support skills transfer into the sectors, most notably in pharma.

“Our experience is that Ireland continues to be perceived as an appealing and competitive location for foreign direct investment (FDI). This is not just in respect of US companies as, for example, we are currently supporting the inward recruitment intentions of companies from mainland Europe, Australia and Canada where Morgan McKinley also recently opened offices in Toronto. Ireland is still seen to be rich in skills, in spite of the ‘war for talent’ and the more elongated times that we are seeing in recruitment processes for key skills. 

“Migration is now playing an increasing role in meeting the needs of internationally focused Irish and multinational companies. This is also to be seen in the number of inbound students availing of Irish third level education and onward consequent employment opportunities where there is huge competition across all sectors for graduate talent. 

“Ireland has a target of a 27% increase in the volume of inbound students availing of Irish higher education by 2020 and this is essential where we can continue to fuel economic growth through this new cohort of highly educated young people. By contrast, the UK is experiencing a shortfall in migratory student intake of some 41,000 in the last year and this may have a detrimental impact on future skills availability in that market, particularly if the movement of European citizens is compromised through Brexit. It is to be hoped that high levels of skills mobility will be maintained between Ireland and Britain.”

For media queries contact please contact: 
Tim Kinsella, MKC Communications 086 813 7512 

About the Morgan McKinley Irish Employment Monitor

The Morgan McKinley Irish Employment Monitor (previously known as 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. See www.morganmckinley.ie for details. 

Statistical methodology

Monthly new jobs and new candidates:

Monthly new jobs and new candidate figures are based on Morgan McKinley’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 Morgan McKinley’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 Morgan McKinley’s network of Irish offices in Cork, Dublin, Galway, Limerick and Waterford.
About Morgan McKinley in Ireland

Irish owned Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.

With offices across Ireland, the UK, EMEA, Asia and Australia, its professional recruitment expertise spans the accounting & finance, financial services, technical and IT sectors. Morgan McKinley is a preferred supplier to most of the major employers in its specialist sectors and thousands of smaller local firms.

In 2016, Morgan McKinley was recognised as one of the top five Best Workplaces in Ireland, in the Great Place to Work Awards. The company also received an award for the best Learning & Development Organisation at the Irish Institute of Training and Development Awards and ranked sixth globally on LinkedIn’s list of the Most Socially Engaged Staffing Agencies.

Stuart Curran's picture
Marketing Executive
scurran@morganmckinley.ie