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MORGAN McKINLEY IRISH EMPLOYMENT MONITOR MARCH 2012

MORGAN McKINLEY IRISH EMPLOYMENT MONITOR MARCH 2012

“Monitoring the pulse of the Irish professional jobs market”

Irish professional job opportunities increased by 18% in Q1 12 compared to Q1 11

Highlights

The Morgan McKinley Irish Employment Monitor recorded a month-on-month increase of 9% in the number of new professional job vacancies coming on to the market in March 12

There was also an increase of 8% in the number of professional job opportunities compared to the same month last year

Across the whole of Q1 12, the number of jobs rose by 18% compared to Q1 11

March 12 saw a month-on-month 8% increase in the number of professionals entering the jobs market

Compared to the same time last year, this was a 57% rise in the number of professionals seeking new job opportunities.

5th April 2012 - The latest Morgan McKinley Irish Employment Monitor reported a 9% increase in new job opportunities for professionals in Ireland, increasing from 8,462 in February 12 to 9,246 in March 12. There was also an uplift (8%) from the March 11 figure of 8,550.

March 12 saw 8% more professionals beginning their job searches, with the month-on-month figure rising from 11,305 to 12,200. This was however, a substantial yearly increase of 57% when compared to March 11 (7,755).

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

“The increasing number of professional jobs available in March 12 illustrates that the hiring market continues to improve on the same time last year. The Morgan McKinley Irish Employment Monitor registered an 18% increase in the number of new professional jobs in Q1 12, compared to Q1 11.

“There have been some positive improvements in the hiring market throughout Q1 12 including the average pace of the recruitment process and greater commitment to hiring and job sign-off from employers.

“The increased confidence in the recruitment market is tempered by evidence of short term business forecasting, demonstrated by a rise in demand for professionals to fill project and fixed term contracts versus permanent hires. These hires are averaging a contract duration of 12-24 months and are primarily seen in the accounting and financial services sectors.

“Demand for IT professionals and those with multilingual skills across all sectors remains consistently high. Positively for the hiring market overall, redundancy announcements in Q1 12 have broadly been offset by the number of job creation announcements, namely HCL, Sogeti Ireland and Blackrock Incorporated.

“However, ongoing economic uncertainty and long term visibility is shifting the traditional hiring sign- off process. Typically, we expect to see increased traction in hiring activity entering into Q2 12 however predictions are likely to be more short term given the market sentiment and we anticipate this trend continuing for the remainder of the year.”

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