Press Release: Irish Employment Monitor - July 2014

Aldagh McDonogh 12.08.2014

Recovery gathers pace with professional job vacancies up 21% in one year and construction industry rebounding.

“Monitoring the pulse of the Irish professional jobs market”

Highlights Overall

  • A 21% increase in professional job vacancies in July 2014 (9,699) compared to July 2013 (7,681)
  • The month-on-month decrease of 3% between June and July 2014 (9,537 to 9,277) is normal for the summer months.
  • The number of professionals seeking jobs in July 2014 (9,500) was up by 4% compared to the previous month (9,125) and 3% compared to July 2013 (9,240)

 


Sector Insights 

  • Construction bonus: The property sector has rebounded strongly with knock-on positive effects for professional jobs in areas of finance and back office support.
  • Niche talent shortages: There are major talent shortages in niche areas in financial services and pharma such as regulation and compliance.
  • Upskill or lag behind: Companies need to focus on internal upskilling in order to attract talent as well as to ensure they do not lose out economically in the medium term. 

 


Wednesday August 13th 2014: The recovery in the Irish economy has gained pace as evidenced by the big increase in professional jobs on offer according to the Morgan McKinley Irish Employment Monitor for July 2014.

The Monitor recorded a 21% increase in the number of vacancies in July 2014 compared to the same month last year according to Morgan McKinley Ireland Chief Operations Officer, Karen O’Flaherty.

She added that many employers are recognising the changes in the jobs market and are endeavouring to attract top talent with packages that focus on more than traditional pay and benefits:

“Ireland’s revival is taking hold as evidenced by the swell in the number of professional jobs vacancies across industries from financial services to pharma to ICT, engineering, science and back support compared to this time last year. Many job seekers in sectors such as financial services and pharma are in the enviable position of being able to attract several offers and those in accounting and finance are seeing an improvement in the packages on offer as opposed to just six months ago.

“The pick-up in activity in the property sector is resulting in an increase in demand for financial services positions and back office support. This goes to show that any upturn in an industry as large as construction inevitably leads to the creation of professional, managerial and administrative roles in all geographical regions.

“Interestingly, we are seeing a severe shortage of available talent in certain areas of financial services such as regulatory affairs and compliance. These ‘niche positions’ will become more important in the coming years but our analysis shows that the lack of supply of suitable professionals will continue for some time. As a result, companies will need to put in place internal upskilling programmes to meet their firms’ needs. To ignore this will result in adverse effects for companies growth and survival prospects.

“In the tech space candidates are in such high demand that any candidate seeking to move job is receiving multiple offers from other companies or being counter offered.

“Finally, the competitive jobs market has led many employers to become more conscious of the entire salary and benefits packages on offer rather than focusing solely on pay when it comes to attracting top talent.”

View previous versions of the Morgan McKinley Irish Employment Monitor.

View the July Employment Monitor Infographic here


Chart 1: Professional jobs

Professional Jobs

Chart 2: Professional job seekers 

Professionals Seeking Roles

 

– ENDS –

 

Notes to editors    

Further press information:
Mike Miley, MKC Communications | T: +353 1 703 8600 | E: mike@mkc.ie
 
Spokespeople available on request for further industry insights and commentary:
Ann O’Mahony – Office Support 
Bryan Hyland - Science, Supply Chain, Engineering
Siobhan O’Shea – Financial Services

About the Morgan McKinley Irish Employment Monitor

The Morgan McKinley 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, Kilkenny, Limerick and Waterford.
 
About Morgan McKinley in Ireland
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 many of the major employers in its specialist sectors and thousands of smaller local firms.
 
In 2013, Morgan McKinley was recognised in the Irish Independent’s listing of Best SME Workplaces in Ireland. We are also proud to be ranked in Deloitte’s Top 20 Best Managed Companies in Ireland for 2013.
 
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. Visit www.morganmckinley.co.uk for details.

Transformation Director
amcdonogh@morganmckinley.com