Professional job opportunities decreased by 10% in November but series of strong job announcements sees a positive 2018 outlook.
The number of professional job vacancies in November 2017 was down 5% sequentially compared to October, and down 10% nationally compared to November of last year, according to the Morgan McKinley Ireland Monthly Employment Monitor.
Morgan McKinley said this is in line with seasonal trends in a generally buoyant professional employment market. November was also one of the most active months in terms of a steady flow of job announcements.
The number of professionals registering in the jobs market remained the same from month to month and increased by 21% compared to November last year, indicating continuing optimism and mobility among the professional workforce.
Morgan McKinley, Director of Inward Investment, Trayc Keevans commented: “We have continuing confidence in the resilience of the Irish professional jobs market in a climate where some sectors, most notably ICT, would be creating a full employment market. There have been some excellent growth announcements in the past month including multinational tech firms like Facebook, IBM, Xilinx, Twilio, Digicom, Kaseya, YapStone and Strencom, US fintech giant Equifax and UK pharmaceuticals company Wasdell, among others. We are aware of a pipeline of new jobs which will continue to be created in the coming months including strong demand in AI, robotics engineering, cyber security and supply chain management.
“The fact that companies are continuing to invest in Ireland is testament to the quality of the overall offering we have here. That being said – we absolutely cannot be complacent about this success. While these announcements are really welcome there is certainly a time delay in terms of bringing these positions into actuality. As a country, we need to find ways to streamline our overall planning processes on a national basis to facilitate large-scale facilities investments and the realisation of multinational job commitments - which will help to maintain our competitiveness in attracting FDI projects on an ongoing basis.”
“Our professional candidate application figures show a rise in figures year-on-year which is typical of a seasonal jump in job seekers looking at the market before the seasonal slump of Christmas and an expected ramp up in activity into the New Year.
“Looking ahead, all eyes are on the US tax bill moving swiftly through Congress. This aims to reduce the US corporation tax rate from 35% to about 20%. It will also promote the ongoing repatriation of US multinational profits and will implement a once-off tax on the current pot of multinational profits held abroad.
“However Morgan McKinley doesn’t anticipate any significant reduction in future job growth through FDI, especially in the regions or with professional job applications outside the capital, as house prices and rentals continue to rise. Infrastructure and education continue to attract job seekers to regional locations where the standard of living is more affordable than in the capital.
“Ireland’s corporation tax of 12.5% will still remain competitive, compared to the expected US tax rate, but our tax rate may also come under pressure from the EU. Nevertheless, the total equation is one where FDI companies should continue to find Ireland an attractive base,” said Trayc Keevans.
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Source: Morgan McKinley Employment Monitor November 2017
Fig 1: Professional jobs availability
Fig 2: Professionals seeking new roles
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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. See www.morganmckinley.ie for details.
Statistical methodologyMonthly 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 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.
The data is based on new job vacancies and new candidates registered with Morgan McKinley’s network of Irish offices in Cork, Dublin, 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 2017, 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.