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MORGAN McKINLEY IRISH EMPLOYMENT MONITOR AUGUST 11

MORGAN McKINLEY IRISH EMPLOYMENT MONITOR AUGUST 11  

 "Monitoring the pulse of the Irish professional jobs market"  

Irish IT sector remains buoyant despite global financial turbulence 

Highlights

 *          The Morgan McKinley Irish Employment Monitor held relatively steady from July 11 to August 11, with only a slight dip (2%) recorded in the number of new professional job opportunities

 *          There was however a 47% increase in new professional job vacancies compared to the same month last year

 *          There was a 19% rise in the number of professionals seeking new job opportunities from July 11 to August 11

 * When compared to August 10, there was a minor decrease (1%) in the volume of new professional job seekers.

The latest Morgan McKinley Irish Employment Monitor registered a slight decline (2%) in the number of new professional job opportunities from July 11 (7,900) to August 11 (7,767). However, the number of new professional jobs available in August 11 continued the trend of being considerably higher (47%) than the same month last year (5,300).

With regard to new professional job seekers in the Irish market, the

Employment Monitor recorded a 19% increase, from 9,210 in July 11 to

10,965 in August 11. There was a negligible decrease (1%) when compared to the same month last year, when 11,070 people were looking for new professional job opportunities.

 Karen O ' Flaherty, Chief Operations Officer, Morgan McKinley commented:

"The latest figures are as expected August is traditionally a subdued month for the Irish professional jobs market as many hiring managers and job seekers take time off over the holiday period. This slowdown was also set against a backdrop of global financial volatility.  These conditions were reflected by a slight dip (2%) in the number of new professional jobs available compared to July 11, however increased momentum in the second half of the month was cause for cautious optimism.

"The IT market continues to set the pace - demand for IT professionals in design and development currently exceeds supply in many  areas, and companies with slower recruitment processes are currently at  risk of losing out on top talent. New IT jobs coming onto the market in August 11 were from a healthy mix of multinational corporations and indigenous companies, to support a variety of start-up and ramp-up projects.

"Confidence is also building within the accounting and finance market and there was an improvement in the quality and volume of job roles in August 11. There was a significant pick up in demand for  recently qualified accountants and sustained demand for qualified  accountants with 2-5 years '  experience, particularly those with  proven audit, compliance and regulatory experience. This was a strong build up to what looks to be a very positive September for this area of the hiring market.

"August 11 was a challenging month for the financial services sector as uncertainty in the market and several global redundancy announcements from world banks produced a 'knee jerk' effect in Ireland. With four months still to go in 11 and a real lack of clarity on how the rest of the year will play out, some financial institutions withdrew or froze new roles, or adjusted their strategies to focus on more flexible temporary and contract positions.

"The number of professionals seeking new career opportunities increased by 19% from July 11 to August 11. The majority of this pick up was in the second half of the month, which is hopefully predictive of a busier hiring market in September 11. "

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