Morgan McKinley publishes July 2014 Irish Employment Monitor
· 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)
· 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.
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 & lsquo;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