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Stuart Gentle Publisher at Onrec

Morgan McKinley Monthly Employment Monitor - July 2016

Professional job opportunities rose by over 2% in July compared to June 2016, but 8% fewer jobs available on previous year

Brexit starting to influence demand for skills

The Morgan McKinley Monthly Employment Monitor Infographic is here

Highlights:

  • Availability of professional job opportunities rose nationally by over 2% in July 2016 compared to June.
  • There were 8% fewer professional jobs available compared to July 2015.
  • The number of professionals seeking new roles fell by 2% in July, compared to June 2016.
  • 19% fewer professionals were looking for roles in July when compared with the same month last year.
  • The pharma, medical devices and IT sectors were the top performing sectors in relation to hiring activity this month.
  • Within IT, Big Data remains a major driver of jobs activity as technology continues to cross over different areas of business.
  • In Financial services, the funds sector experienced a slower start to the year in terms of job opportunities however most recently there is an increased demand from a number of key employers in Dublin looking for talent including Junior and Senior Executive Level Operations personnel in; TA (Transfer Agency), Fund Accounting and Custody, Compliance and Risk.
  • Compliance, risk and tax experts are in demand generally within Finance, along with newly qualified accountants. SME organisations, who have greater exposure to the UK market, are taking a more considered approach to hiring accounting and finance staff currently.
  • Turkish, Nordic and Dutch were the most in demand languages in July.

The availability of professional job opportunities in July 2016 (11,909) rose by 2.4%, when compared to June (11,633) according to the Morgan McKinley Irish Employment Monitor.

The number of professionals seeking new roles fell by 2% to 7,635 in July when compared to June 2016 (7,788).

There were 8% fewer professional job opportunities available to Irish job seekers when compared to July 2015.

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

“Jobs growth was relatively steady in July. Fewer candidates were actively seeking new roles, which is primarily due to seasonal factors. Pharma, Medical Devices and IT were again the most buoyant sectors, following by Financial Services.

Concerns remain about the availability of talent, particularly in the IT and multilingual sectors. Technology is crossing over every sector and developing hybrid skill sets is more necessary than ever. The notion of up skilling is not new but the speed and pace of change, driven by technology, means almost all jobs require additional learning to stay relevant. A national skills transfer programme should be prioritised to ensure we have a flexible and resilient workforce.

We have yet to see any dramatic change in hiring post Brexit. The outcome of the UK referendum is however likely to require a recalibration of hiring forecasts and skillsets for certain employers depending on their sector, size and specialisation.

Within Funds the volatility that characterised the sector earlier in the year has subsided with an increase in middle and back office functions on offer in Dublin post Brexit. A migration of talent from London to fulfil these roles is expected over the coming months. There is particular demand for professionals with extensive compliance, risk and regulation experience.

In legal and professional services, the Monitor recorded a ramping up of activity to meet the contract amendments that may be in the pipeline following the UK’s decision to leave the EU.

Overall, we have again seen consistency rather than growth this month. Most HR departments are taking a business as usual approach to resource planning as the fallout from external political and economic developments are analysed”.

Professional Jobs:

Professionals seeking new roles:

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