RTE News: How market turmoil is affecting financial sector hiring in Ireland

Morgan McKinley 09.09.2011

Our Dublin-based Operations Director, Trefor Murphy, was interviewed live on RTÉ Television News at One on Wednesday. Trefor was invited on the show to discuss the results of our latest Irish Employment Monitor, a monthly report which measures the ‘pulse’ of the professional jobs market.

The Irish Employment Monitor for August 2011 found that the Irish IT sector remains buoyant despite global financial turbulence. The Monitor registered a 47% increase in new professional job vacancies compared to the same month last year. It also recorded a slight dip (2%) recorded in the number of new professional job opportunities.


Financial services companies based in Ireland have shevled plans to recruit new staff in response to the recent volatility in world financial markets. The latest Employment Monitor, produced by recruitment firm Morgan McKinley, finds August was a challenging month for financial companies with a number of large international announcing redundancies.

Trefor Murphy is Operations Director with Morgan McKinley and joins me now.

How has the continuing market turmoil affected financial sectors here?

Within the financial services sector we've certainly seen a slight slow-down in terms of the number professionals hires being recruiter for. Also organisations are looking at temporary and fixed-term contract (FTC) positions rather than filling the more traditional permanent options with in the financial services and banking sector.

How does this impact on plans for expansion or even plans into next year?

It is a little unclear at the moment as the global financial crisis continues. We are seeing that there are a number of pockets within the FS and the banking sectors are still actively hiring, albeit on a temporary or contract basis rather than a permanent. But they're still hiring. The future right now is quite uncertain and we'll be watching it over the next couple of months.

Now, leaving the financial sector aside - there was some good news?

Yes, indeed. The technology sector in Ireland continues to outperform probably most others. IT recruitment in Ireland, particulary in Java and .net development, is booming. Certainly with the supply of the type of candidates that organisations in Ireland are looking for outstripping demand at the moment.

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