October Employment Monitor | Irish Jobs Market Sees Brexit Boost

Stuart Curran 09.11.2018

The Morgan McKinley Employment Monitor registered a significant increase of reduction of 8.57% in the number of new professional job opportunities available in October compared to the previous month. Overall, the availability of professional jobs increased by 11% in October 2018 compared to the same month a year ago.

There was also an increase of 9.2% in the number of professionals seeking new roles in September compared to the previous month. Overall, the monitor recorded an increase of 2.5% in the number of professionals actively seeking new job opportunities in October 2018, compared to October 2017.

Morgan McKinley Ireland, Global FDI Director, Trayc Keevans commented:

“The top three career areas recruiting professionals in Ireland in October were Financial Services (34%), Software as a Service (13%) (SaaS – a specialist area within technology) and Pharma (12%).  In financial services, we are seeing a significant requirement for more complex senior functions in areas including asset management, compliance, financial control, risk management and, for example, controlled functions or roles in entities regulated by the Central Bank of Ireland where there is a considerable level of applicant and approval activity.”

“The number of professionals seeking employment is the highest that it has been all year. A lot of that is Brexit related where we continue to see a big inflow of talent not just from the UK but from right across Europe where professionals are choosing Ireland for onward career opportunities. While Dublin is a focus of this interest, there is also strong recruitment ongoing in the regions.”

“The number of jobs coming available has risen for three successive months in a row and is at its highest level since last July. While it is not unusual to see a ramp-up of recruitment activity towards Christmas, this is currently at a noticeably higher level than last year. Companies are deploying the full extent of their recruitment budgets before year-end, and are also seeking to have people on board and adding value to their organisations by January in time for the new year.”

“The Employment Permit Scheme and Trusted Partner Scheme are operating effectively and are achieving their intended results. However, the application process has elongated to 6 - 7 weeks and can be as long as 12 weeks. While this is indicative of the high level of inbound candidates from abroad, the original target lead time for these schemes was 2 - 3 weeks.  This is impacting hiring across the board, particularly for specialist skills, so it’s essential that the State can keep its momentum in supporting these programmes to underpin industry and the economy.”

“In October, 76% of the jobs announced through IDA Ireland were for the regions with Carlow, Cork, Limerick, Galway, Roscommon, Sligo and Waterford well represented, among other areas.   Pharma, Financial Services, Life Sciences and Technology are at the forefront of these announcements. Technology sector recruitment has become increasingly diverse including skills acquisition in the fields of Cloud Computing, the Internet of Things (IoT), eCommerce and Fintech.”

“The professional services sector, including legal, accountancy and taxation, is buoyant and this is reflective of continuing growth in other sectors to which these services are supplied. It is also in spite of technological advances where there has been an expectation that automation may replace certain roles.”

“The Business Process Outsourcing sector is a major recruiter in Ireland where the BPO industry places a priority on skills and quality of service delivery as opposed to the direct cost of service provision. Jobs in this sector fulfil specialist customer support, sales and marketing functions, in addition to customer service provision. These roles require business, technical and multilingual skills in many instances. The availability of this capability in our economy is fuelling further growth and investment by indigenous and multinational firms where, at last count, the CSO indicated that 182 languages and dialects are currently spoken in Ireland. This is a direct benefit arising both directly from our education sector and from an increasingly diverse society as a feature of immigration and an influx of citizens from the EU.”

“In recent times, a number of manufacturing sector companies have expressed concern at a perceived shortage of Automation Engineers (and Technicians) with relevant management skills.  This is reported right across the country and is not specific to any one region.  As a result, we are seeing candidates being sourced, interviewed and offered jobs in as short a timeframe as one week (followed by the relevant notice period). Salary levels in this area have increased by some 23% in the past five years. This shortage is also accentuated by an increased volume of applications and longer lead times in respect of the employment permits and trusted partner schemes. Notably, the Springboard programme is successfully providing conversions from other sectors through qualifications like the Certificate in Industrial Instrumentation and Automation Processes which has seen a strong take-up by career minded professionals and is also proving popular with employers who have recruited ‘converts’ from sectors ranging from FMCG to semiconductors to food industry.”

“Product Managers are in very high demand in the ICT sector, driven by VC backed Irish technology start-ups and also by multinational firms.  Smaller firms are successfully offering attractive employment packages to senior candidates with experience gained in the multinational environment. The lure in many cases is not necessarily one of increased remuneration. Instead it can include shareholding or more simply, a sense of greater autonomy and greater leadership responsibility in the new position. Conversely, multinational firms are still providing an appealing onward career destination for ambitious young professionals, with experience already gained in the indigenous sector.  This level of skills transfer and career progression is healthy overall for industry and the economy.”

“In retail banking, we have seen a spike in hiring for personal banking executives, particularly in the regions. These tend initially to be 12-month fixed term contracts with a view to permanency thereafter.  Compliance analysts and risk data specialists are also in demand. This is indicative of generally positive sentiment among consumers around savings and investments and also reflects the overall competitive nature of retail banking.”

“As one might expect, the Human Resources profession is in strong demand by employers, ranging from entry level HR generalists and administrators, right through to management and director level roles. These are handling strategic organisational requirements and programmes arising from growth and change, including the response by industry and commerce in Ireland to Brexit.


Sarah Lawlor, MKC Communications, 01 703 8608

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.

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