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MORGAN McKINLEY IRISH EMPLOYMENT MONITOR JANUARY 2011

MORGAN McKINLEY IRISH EMPLOYMENT MONITOR JANUARY 2011
"Monitoring the pulse of the Irish professional jobs market"
January 11 registers highest monthly volume of new professional job vacancies since October 08
Highlights
* The Morgan McKinley Irish Employment Monitor reports that the number of new professional jobs in the market in January 11 increased by 39% from December 10
* This also reflected a 37% increase year-on-year from January 10 and was the highest number of new job vacancies recorded since October 08
* January 11 saw a 23% increase in the number of professionals
entering the jobs market month-on-month
* However, when compared to January 10, there was a significant year-on-year decrease (48%) in the number of professionals entering the jobs market in January 11.
The latest Morgan McKinley Irish Employment Monitor shows that new job opportunities for professionals in Ireland increased by 39% from 5,227 in December 10 to 7,250 in January 11. This also represented a 37% increase from the January 10 figure of 5,283.
The number of professionals seeking new employment opportunities in January 11 increased by 23% from December 10, rising from 5,365 to 6,595. This is however a 48% decrease year-on-year from January 10 levels which saw 12,655 professionals entering the jobs market.
Karen O'Flaherty, Chief Operations Officer, Premier Group Ireland
commented:
"January 11 saw a significant increase in new professional job opportunities coming onto the market compared to the previous month and compared to same time last year. It is worth noting that this rebound, although positive, was from a particularly low December 10 volume caused by disruptive weather events, the Government's EU/IMF bail-out announcement in late November 10 and other seasonal factors.
"Economic indicators and anecdotal evidence from employers do however point towards a more positive start to the year for the professional jobs market. Job creation is firmly on the agenda in the lead up to the General Election and the feeling is that there is greater visibility with regard to potential hiring plans across H1 2011 in certain pockets of the professional jobs market than there was at the start of 2010.
"Recently, requirements for corporate restructuring - particularly within larger multinational corporations - have resulted in recruitment growth in several niche areas. For example, demand for professionals with experience in IT development and R&D is extremely high and for the first time in several years we are seeing acute skills deficits in this area.
"Certain areas of the financial services sector are also gaining momentum with regard to hiring. Demand for multilingual professionals and commercial accountants is on an upward curve and although multinational corporations continue to offer the highest volume of positions, it is encouraging to see several indigenous companies increase, or plan to increase their headcounts. This is hopefully the start of an anticipated revival in this sector.
"Despite increasing by 23% from December 10 to January 11, the number of new professional job seekers fell by 48% year-on-year. Mobility in the market has fallen as more professionals prioritise job security over new career opportunities and as talent flowing in from other European companies has slowed. As Ireland's economy starts to recover, hopefully so too will its reputation as an attractive, international jobs market, in particular for a large pool of multilingual professionals."

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