Navigating the Talent Maze in the Irish Job Market
My Perspective on the 2024 Morgan McKinley Salary Guide
A staggering 80% of Irish organisations faced hiring challenges, despite the backdrop of significant job losses. It appears there's more to the story of these job losses than meets the eye.
💼 Surprisingly, 64% of your workforce won't be seeking new job opportunities in the next 6 months, wait there 36% of your staff are actively looking for a new roles, but with all the job losses why would people be looking for a new role?🚀
40% of employers are struggling to find candidates with the right skills.
Specialised positions and industries grappling with skills shortages are demanding a 15% increase in compensation to match their skill set. Professionals possessing highly sought-after skills can still expect salary increases, emphasising the fierce competition for top talent in these sectors.
What's Fuelling This Trend?
- Talent migration
- Rising salaries
- Evolving job seeker dynamics
- Skills shortages
- Changing work preferences
In the past six months,72% of Irish employers have lost staff, primarily due to challenges in competing with pay and benefits offered by their competitors and not redundancies.
Unmet employee expectations regarding flexible working arrangements have also played a significant role in staff turnover. Surprisingly, 44% of Irish employers increased salaries in the same period.
In 2024, more than 69% of hiring managers plan to offer higher salaries for hard-to-fill roles, as per the Morgan McKinley 2024 Salary Guide.
Key Factors in Attracting New Talent
Close to 80% of employers believe that offering flexible working arrangements is the most effective strategy, followed by providing career advancement prospects, competitive salaries, and evaluating prospective employees based on their potential.
As the hybrid working model continues to be prevalent, some employers are now encouraging a return to the office to enhance collaboration, strengthen company culture, and improve performance. However, only 8% of employees wish to work in the office full-time, while 50% are open to a reduced salary in exchange for work flexibility.
In this ever-evolving talent landscape, strategic navigation is key.
In essence, as mentioned earlier, 36% of your workforce is actively seeking new roles in the next 6 months. This presents a challenge for hiring managers who are already working to backfill these positions.