State of the Irish Employment Market in 2024
The Irish employment market in 2024 presents a mixed landscape of challenges and opportunities. While job postings have generally declined, a significant number of businesses are planning workforce expansions. Despite a robust labour market, companies are facing difficulties in attracting talent, especially in highly skilled professions - underscoring the need for adaptive hiring practices.
Decline in Job Postings
The number of job postings in Ireland has been falling, with healthcare-related occupations continuing to dominate the categories where job postings are significantly above pre-pandemic levels. In contrast, postings in the tech industry have fallen the most since pre-pandemic levels.
Workforce Expansion in Ireland
Despite the decline in job postings, 20% of companies in Ireland are planning to expand their workforce in the second quarter of 2024. This indicates a cautious optimism among businesses about future growth.
Resilience of the Irish Labour Market
According to Peter Burke, the Minister for Enterprise, Trade and Employment, the Irish labour market has once again demonstrated exceptional resilience. The first quarter of 2024 set a new record for the highest number of people employed in the country. In April 2024, the monthly unemployment rate stood at a low 4.4%.
Talent Attraction Challenges
High levels of employment, while signifying a robust economy, present new challenges for employers: a staggering 81% of Irish companies are finding it difficult to attract talent in 2024. Record skills gaps in the labour market make it more difficult to turn optimistic hiring intentions into filled vacancies. Elite Talent Hub recommends employers to engage with a recruitment agency, who have access to specialised industry-based knowledge and can quickly identify quality candidates.
Salary Stability and Exceptions
Overall, salaries have remained stable across various sectors. However, areas experiencing talent shortages, such as construction, engineering and cybersecurity, have seen salary increases. This disparity highlights the ongoing demand for specialized skills in certain fields.
Onsite Work Requirements
A notable trend across all industries is the increasing requirement for onsite work. This shift particularly impacts technology professionals who were accustomed to more flexible arrangements before the pandemic. Now, these professionals are facing minimum onsite requirements, signaling a return to more traditional work environments.
Foreign Workers Fill Gaps
As of the end of April, the Department of Trade, Enterprise, and Employment reports that 13,335 total employment permits have been issued in 2024. This number reflects the ongoing need for skilled workers from abroad to fill gaps in the Irish labour market. Amidst a housing crisis, the main obstacle to attracting international talent is housing. However, an increasing number of employers are now offering temporary accommodations for workers coming from abroad.
While the Irish employment market faces challenges with talent attraction and a decline in job postings, it continues to show resilience and potential for growth. Businesses are urged to adapt their hiring practices to meet the evolving demands of the labour market. Partnering with a recruitment agency is a great strategy for employers to ensure they are finding the right talent – quickly. Contact Elite Talent Hub today to find out how we can help.