May 11 figures point to a ‘stabilising’ of the Irish professional jobs market

Aldagh McDonogh 08.06.2011

Highlights

  • The Morgan McKinley Irish Employment Monitor registered a slight decrease (3%) in the number of new professional jobs in the Irish market from April 11 to May 11
  • However, it did log a 35% increase in new professional job vacancies compared to May 10, and was the third highest number of available roles recorded since October 08
  • May 11 also saw a 43% month-on-month increase in the number of professionals looking for new job opportunities
  • Compared to the same time last year, there was a decline (18%) in the number of new professional job seekers.

The number of new professional jobs in the Irish market decreased slightly (3%) from April 11 to May 11, according to the latest Morgan McKinley Irish Employment Monitor. The job level dipped slightly from 8,533 in April 11 to 8,283 in May 11, but was still 35% up on the same time last year (6,124) and the third highest volume of jobs recorded since October 08.

The volume of professionals seeking new job opportunities in Ireland increased by 43% from 6,375 in April 11 to 9,120 in May 11. This was however, a decrease of 18% from the May 10 figure of 2,358.

Karen O’Flaherty, Chief Operations Officer, Premier Group Ireland commented:

“Despite a slight month-on-month dip (3%) in new Irish professional job opportunities in May 11, there is a sense that the hiring market is stabilising. Following a somewhat disjointed month in April due to the number of bank holidays, many companies took the opportunity to ‘close off’ roles in May, some of which had been active since the start of the year.

“May’s more ‘settled’ mood was also felt in the financial services sector. With the bank stress testing behind them, many indigenous banks began hiring again, albeit at low volumes. There is currently a strong focus on asset management, portfolio management and restructuring, so professionals with expertise in these areas and backgrounds in banking are in demand.

“There was a slight increase in hiring activity from the insurance sector in May 11, in particular for heads of finance and compliance specialists. This was a follow on effect from the financial regulator’s continued tightening of existing controls and the requirement for these heads of functions to be based in Ireland rather than run from overseas. There has also been a lift in job opportunities in marketing, especially within the specialisms of online marketing and social media. This is positive news for marketeers, and shows recognition of the effect they can have on companies’ bottom lines.

“The significant increase in the volume of professionals seeking new career opportunities in May 11 came as many people commenced their job searches after the slowdown in April. It is anticipated that this momentum will continue into June, for what is traditionally a busy time for recruitment leading up to the summer holiday period.

“Another positive sign for the market is that many professionals who are available immediately and are open to interim roles have been able to secure multiple interviews. Candidates with one or more European languages – especially those with finance and accounting, sales or IT experience – also remain in high demand and are often able to apply upward pressure on salary and benefit offers.

“May 11 was an historic month for Ireland, with successful high profile state visits from Queen Elizabeth and US President Barack Obama doing much to restore the country’s global reputation. Hopefully Ireland stands to benefit economically from the positive media focus and business confidence will be further buoyed in the coming months.”

May 2011 Irish Employment Monitor

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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. 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 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 the Morgan McKinley Group’s network of Irish offices in Cork, Dublin, Kilkenny, Limerick and Waterford.

About Morgan McKinley in Ireland

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

With offices across Ireland, the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans the accounting and finance, financial services, technical and IT sectors. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors and thousands of smaller local firms.

From October 6th 2010 Premier, Brunel and Verkom the specialist recruitment divisions of Premier Group in Ireland are called Morgan McKinley. Nothing else has changed. We are the same people, the same Irish company delivering the same recruitment service.

Morgan McKinley London Employment Monitor

Morgan McKinley currently publishes a similar Employment Monitor in London. It 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