In November 2011, Morgan McKinley surveyed 584 senior-level operational and HR managers working for financial services, professional services, manufacturing and IT companies across Ireland. Respondents were asked to share their views on business confidence, hiring and remuneration trends, and HR challenges for the year ahead.
Positively, the survey found that the majority (65%) of professional employers have plans to hire in 2012. A further 12% are still unsure of their recruitment strategies, whilst the remainder (23%) have no plans to hire over the next 12 months.
More than half of managers (58%) expect their firms’ hiring levels to increase in 2012, compared to 2011, whilst 35% predict levels will remain similar to last year. Only 6% believe hiring levels will decrease within their organisations year-on-year.
Karen O’Flaherty, Chief Operations Officer, Morgan McKinley Ireland commented: “Undoubtedly, 2011 was a turbulent year for Ireland. A new government was formed, a harsh austerity budget was unveiled and shockwaves from the Eurozone crisis affected decision making domestically and abroad.
“There is still considerable uncertainty in the marketplace but many companies, particularly multinational corporations and export-led firms, are gearing up for a busier 2012. Our research shows that the majority of professional employers have plans to hire over the next 12 months, a positive indicator for the Irish economy.
“Current ‘high performers’ are the bio-pharmaceutical, medical device and IT sectors. These industries were major drivers of recruitment in Ireland in 2011, a trend which looks set to continue well into the New Year.”
The latest Morgan McKinley Irish Employment Monitor registered a 9% month-on-month decrease in new professional job opportunities, down from 7,345 in November 11 to 6,720 in December 11. However, there was an increase of 29% when compared to the 5,227 jobs recorded in the same month last year.
The total number of new professional job vacancies registered for 2011 was 93,552, a 34% increase on the 2010 total of 67,592. Although this strengthening is positive, it is still well below the 208,633 jobs recorded during the boom period in 2007.
The number of professionals entering the Irish jobs market decreased by 48% from 10,885 in November 11 to 5,620 in December 11. There was a slight increase (5%) from the 5,365 job seekers looking for new roles in December 10.
Karen O’Flaherty continued: “It is usual for hiring and job seeker activity to decline in December. Recruitment tapers off during the festive season and in many cases, companies’ recruitment budgets have been exhausted for the year.
“It was a subdued end to a relatively robust year for professional recruitment: the Irish Employment Monitor recorded 93,552 new professional jobs in 2011, marking a 34% increase year-on-year. Although this bodes well for business growth moving into 2012, it must be emphasised that we are still well below the level recorded during the boom period in 2007, in which approximately 208,633 new professional roles came onto the market.”
“The financial services sector experienced quite a turbulent year in 2011 but certain niche skill sets emerged as a result of this. Restructuring and debt recovery specialists, qualified financial advisors and collections professionals were highly sought after and fixed term contracts featured heavily given the current flux in global financial markets.
“Without a doubt IT was Ireland’s ‘good news’ story for business and jobs growth in 2011. It has been widely publicised that demand for talented IT professionals often outstrips supply, particularly within the field of software development. We expect this demand to continue in 2012."
Chart 1 – Does your firm have hiring plans for 2012?
Chart 2 – Do you expect your firm’s hiring levels to increase, decrease or stay the same in 2012 (compared to 2011)?
Chart 3 – Professional jobs
Chart 4 – Professional job seekers
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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.
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 the Morgan McKinley Group’s network of Irish offices in Cork, Dublin, Kilkenny, Limerick and Waterford.
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 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.