Morgan McKinley Quarterly Employment Monitor - commentary

Gavin Fox Gavin Fox
Morgan McKinley Quarterly Employment Monitor - commentary

Always a good read and well put together report - The Morgan McKinley Quarterly Employment Monitor for Ireland indicates a cautious start to 2024 with a notable decline in job openings and job seekers.

The first quarter of 2024 has shown a dynamic and evolving technology job market in Ireland. I would certainly echo their comments on a buoyant market with strong demand for permanent roles as well as a thriving contractor market especially in change and transformation.

Skills in AI, Automation, and IT Security remain highly sought after, with competitive salaries offered to top talent. These are primarily perm roles from what I have seen

Mainstream hiring in companies like Intercom, Workhuman and every consulting company are seeking out the best AI / Machine Learning / LLM skills as well as most startups so for sure this market is buoyant ()

20 companies hiring people with AI and analytics skills

Eoghan McCabeCEOIntercom“This is why there are many companies chasing this opportunity aggressively. From the biggest, like Salesforce and Zendesk, to the smaller companies like Ada, Forethought and about 50 others.” “We have no room for comfort or complacency or mediocrity”

One standout and something I have noticed is the need for onsite work, usually 2 days maybe 3 is the norm these days, we still have a few full remote clients but it's certainly not the norm these days.

As the year progresses, these trends will continue to evolve but the 3 day office week I think will be the norm moving forward -

Other areas I noticed -

  • The continuous economic uncertainties and changing employment expectations contribute to this trend. Recruitment needs stability IMO uncertainty is not our friend.
  • Despite challenges, investments in financial services, life sciences, manufacturing, and technology are expected to boost job creation.
  • The report also highlights a steady demand for professionals in compliance, governance, risk management, and emerging ESG roles due to new European regulations.
  • Recent IDA investment is brilliant to see so this will also drive recruitment needs for all companies

Here are my top 10 key trends from the Q1 report -

  1. Decrease in Job Openings:A 13.8% decrease in professional job openings compared to the previous quarter.
  2. Fluctuating Job Seeker Numbers: A slight 0.7% decline in job seekers, with a notable increase in January followed by declines in February and March.
  3. Regulatory Impact:New European and international regulations drive recruitment, especially in compliance, governance, risk management, and ESG roles. Something Colm Lyons spoke about recently at the Fintech2024 conference.
  4. Sustainability Focus:Large enterprises prioritise ESG roles due to Corporate Sustainability Reporting Directive (CSRD) requirements.
  5. Financial Services Demand:Increased demand for risk and compliance professionals, driven by regulations like SEAR and DORA.
  6. Onsite Work Requirements:Growing trend towards hybrid working models with increased onsite presence, especially in technology.
  7. Sector Variability: Strong hiring in technology and engineering, while markets like legal and multilingual see declines in permanent hires.
  8. Salary Stability:Salaries remain steady across most sectors, with some increases in high-demand roles demanding their own premiums.
  9. Accommodation Challenges:The ongoing accommodation crisis affects overseas hiring and driving salaries
  10. Project-Driven Hiring:Increased demand for project-related skills, particularly in technology and transformation projects.

Full Report here -Ireland Quarterly Employment Monitor

Talk to us

Ready to scale your team?